COMMUTY FIRST BNCRPTN SC - CFOK STOCK NEWS

Community First Bancorporation (OTC: CFOK) announced the completion of an all-cash sale of its subsidiary, SeaTrust Mortgage Company, to Primis Bank. This acquisition allows SeaTrust to rebrand as Primis Mortgage. CEO Richard D. Burleson stated that selling SeaTrust enables the company to exit the volatile mortgage market and focus on enhancing its commercial, retail, and small business lending services within its existing banking footprint. SeaTrust launched in February 2020 and had multiple offices across North Carolina and Florida.

Community First Bancorporation (OTC: CFOK) reported record earnings of $1,153,000 for Q1 2022, reflecting a 221% increase from Q1 2021's $359,000. This exceptional performance was attributed to a 21% rise in net interest income and a 14% increase in noninterest income, driven primarily by SBA loan sales. The Company also declared its first cash dividend. Notably, deposits rose by 5.7%. However, the sale of its mortgage subsidiary, SeaTrust, signifies a strategic focus shift to local servicing.

Community First Bancorporation (OTC: CFOK) has agreed to sell its subsidiary SeaTrust Mortgage Company to Primis Bank in a cash transaction. The sale, which received unanimous board approval, is expected to close by May 31, 2022, pending customary closing conditions. SeaTrust, operational since February 2020, has locations in North Carolina and Florida, and its sale allows Community First to focus on expanding its core lending services following the acquisition of Security Federal Bank in 2021. President Richard D. Burleson described the sale as bittersweet but strategically beneficial.

On February 15, 2022, Community First Bancorporation (OTC:CFOK) announced a special cash dividend of $0.10 per share, marking its first cash distribution to common shareholders since 2011. The record date for shareholders is March 16, 2022, with payment scheduled for March 23, 2022. This announcement follows a successful year in 2021, as noted by President and CEO Richard D. Burleson, Jr., reflecting the company's recovery post-recession and pandemic. The company operates 12 financial centers across the Southeast with assets totaling approximately $667 million.

Community First Bancorporation (OTC: CFOK) reported a 101% increase in earnings for 2021, totaling $3,620,000, with earnings per share rising 111% to $0.63. Total assets grew 23.7% to $672,963,000, and net interest income increased 22.5%. Noninterest income soared 97.6% to $13,388,000, benefiting from strong mortgage and SBA activities. However, noninterest expenses rose to $28,147,000, driven by mortgage banking and acquisition-related costs. The Company maintained strong asset quality with nonperforming assets slightly down to $971,000.

Community First Bancorporation, Inc. (OTC PINK:CFOK) reported significant financial growth for Q2 2021, with total earnings of $564,000, marking a 57.1% increase from Q1 and a 638% increase year-over-year. The net interest income rose by 21.4% compared to last year. Total assets reached $638.6 million, a 17.4% increase from the end of 2020. However, noninterest income fell by $545,000 from Q1 2021. Despite challenges in the mortgage market, the company remains optimistic about future opportunities.

Community First Bancorporation (OTC Pink: CFOK) has announced the successful conversion of branches acquired from SFB Bancorp, completed on March 19, 2021. As of July 12, 2021, the new branch in Elizabethton, Tennessee, has officially opened, featuring an updated look and enhanced product offerings. President and CEO Richard D. Burleson expressed excitement about welcoming new customers and emphasized the bank's commitment to community banking, promising expanded services while maintaining quality customer care. This expansion increases their branch count to 12 across South Carolina, North Carolina, and Tennessee.

Community First Bancorporation, Inc. (OTC: CFOK) reported its Q1 2021 financial results, highlighting a 1.1% increase in consolidated earnings to $359,000, despite merger-related expenses of $489,000. The company completed its acquisition of SFB Bancorp, boosting total assets by 16% to $630.95 million. Key metrics include a 13.9% rise in net interest income and a 189.3% surge in noninterest income, primarily from mortgage banking. Total loans increased by 9.9%, while deposits grew by 19.0%. Nonperforming assets rose to $1.53 million, attributed to the SFB acquisition.

Community First Bancorporation has successfully completed its acquisition of SFB Bancorp and its subsidiary, Security Federal Bank, effective March 19, 2021. Shareholders of SFB will receive approximately $8.3 million or $33.00 per share, plus a special cash dividend of $2.8 million or $11.00 per share before the merger. The combined entity will manage around $600 million in assets across 12 branches in South Carolina, North Carolina, and Tennessee, operating as Community First Bank.