COMMUTY FIRST BNCRPTN SC - CFOK STOCK NEWS

Shareholders of Dogwood State Bank (OTC: DSBX) and Community First Bancorporation (OTC: CFOK) have approved a merger between the two entities. The merger is expected to close in early Q3 2024, pending regulatory approvals and customary closing conditions. The combined entity will have approximately $2.13 billion in assets, $1.80 billion in deposits, and $1.66 billion in loans as of March 31, 2024. Both companies' leadership expressed enthusiasm about the merger, citing confidence from shareholders and the strategic benefits of the union, which include enhanced market competitiveness and expanded product offerings.

On May 22, 2024, shareholders of Dogwood State Bank (OTC: DSBX) and Community First Bancorporation (OTC: CFOK) approved a merger of Community First with and into Dogwood. The expected closure is early in the third quarter of 2024, pending regulatory approvals. The combined entity will hold around $2.13 billion in assets, $1.80 billion in deposits, and $1.66 billion in loans as of March 31, 2024. Leaders from both banks expressed enthusiasm, highlighting the merger's potential to deliver long-term value, enhance market competitiveness, and benefit customers through expanded services.

Community First Bancorporation, Inc. (OTC: CFOK) released its first quarter 2024 financial results. The company reported a merger with Dogwood State Bank, a net interest margin of 3.04%, and earnings of $1,007,000 with a book value per common share of $9.06. Noninterest income decreased, but noninterest expenses also reduced. President and CEO Richard D. Burleson highlighted the impact of higher funding costs on net income.

Dogwood State Bank (DSBX) and Community First Bancorporation (CFOK) have announced a definitive merger agreement for Dogwood to acquire Community First Bancorporation and its subsidiary, Community First Bank, in an all-stock merger. The transaction is intended to be tax-free, with each Community First Bancorporation common shareholder receiving 0.5875 shares and each preferred shareholder receiving 64.7719 shares of Dogwood's voting common stock. The pro forma company will have total assets of $2.2 billion, total deposits of $1.8 billion, and net loans of $1.7 billion. The transaction is expected to be over 65% accretive to Dogwood's earnings on a per share basis in 2025. The boards of directors of both businesses have unanimously approved the merger agreement, and the transaction is anticipated to close in the second half of 2024.

Community First Bancorporation, Inc. (CFOK) announced unaudited financial results for 2023, with highlights including a 5.4% increase in gross loans, a 1.87% increase in deposits, and a 0.10% ratio of nonperforming assets to total assets. Earnings per common share declined from $1.14 to $0.71 from 2022 to 2023, attributed to changes in market interest rates. The Company's total consolidated earnings decreased from $6,436,000 to $4,080,000 from 2022 to 2023.

Community First Bancorporation, Inc. announced its unaudited financial results for Q3 2023. The company earned $928,000 for the quarter and $3,195,000 for the first nine months of 2023. Total assets increased by 6.3% to $703.7 million. Noninterest income increased by 21.1% and noninterest expense decreased by 5.5% in Q3 2023. Nonperforming assets remained manageable at 0.11% of total assets.

Community First Bancorporation (OTCQX: CFOK) reported a strong financial performance for 2022, with total consolidated earnings of $6.4 million, marking a 77.8% increase from 2021. Earnings per share (EPS) rose 80.9% to $1.14. The company experienced net interest income growth of 18.4% year-over-year, attributed to rising interest rates. Although total assets decreased to $661.2 million, total gross loans increased by 5.7%. Noninterest income fell to $10.9 million, primarily due to lower mortgage banking activity after selling its subsidiary. Leadership expresses optimism for 2023, focusing on growth challenges and operational efficiencies.

Community First Bancorporation (OTC: CFOK) reported strong financial results for Q3 2022, earning $1,138,000, with a net income of $5,230,000 for the first nine months, up 95.1% from the previous year, primarily due to the sale of SeaTrust Mortgage Company. Net interest income increased by 17.7%, driven by asset growth and higher interest rates. The company also managed to decrease noninterest expense by 1.7%. Nonperforming assets remained low at 0.02%. Plans for branch consolidations were announced to optimize operational efficiency while enhancing growth opportunities.