Communities First Financial Corporation - CFST STOCK NEWS

Communities First Financial Corporation (OTCQX: CFST) reported a strong performance for Q1 2023, with net income rising 33% to $7.70 million ($2.43 per diluted share) compared to $5.79 million ($1.84 per diluted share) in Q1 2022. The company also saw a 1% increase from Q4 2022's $7.62 million. Key highlights include:

• Net interest margin improved by 91 basis points year-over-year to 5.17%.
• Pre-tax, pre-provision income grew 36% to $10.77 million.
• Total assets rose 16% to $1.28 billion.
• Total deposits increased by 14% to $1.10 billion.
• Shareholder equity increased 18% to $100.99 million.

CEO Steve Miller emphasized the company's operational efficiency and strong credit quality, buoyed by rising interest rates and a growing core deposit base.

Communities First Financial Corporation (OCTQX: CFST), parent of Fresno First Bank, is rebranding as FFB Bank, effective March 2023. This name change comes amid recent banking turmoil, notably the failures of Silicon Valley Bank and Signature Bank. President and CEO Steve Miller emphasized the bank's strong capital levels and profitability, with total deposits rising 4.2% to $1.127 billion. The bank reports $57.7 million in cash and no exposure to venture capital or cryptocurrency. The rebranding aims to resonate with a broader market beyond California's Central Valley while retaining its commitment to local customers.

Communities First Financial Corporation (OTCQX: CFST) reported a 41% increase in net income for Q4 2022, reaching $7.62 million or $2.42 per diluted share, compared to $5.41 million in Q4 2021. The annual net income climbed 29% to $26.52 million. Significant growth in merchant services income by 118% drove a 30% rise in total fee income. Despite a $300,000 increase in loan loss reserves, credit metrics remained strong with minimal net charge-offs. Total assets grew 20% year-over-year to $1.29 billion. The company is set to adopt the CECL standards in Q1 2023 without expecting adverse effects.

Communities First Financial Corporation (OTCQX: CFST) announced record third quarter 2022 net income of $6.91 million, up 32% from $5.22 million a year prior. Year-to-date net income came in at $18.90 million, reflecting a 25% increase. Total assets increased 16% to $1.19 billion. The company reported a 158% increase in merchant services income and strong loan growth of 11%. However, challenges include delays in SBA loan payments and a 3% decline in shareholder equity due to interest rate hikes. The Bank continues to monitor credit quality closely.

Communities First Financial Corporation (OTCQX: CFST) announced the appointment of Heather Schwarm to its Board of Directors, expanding the Board to 10 members. Schwarm brings over 27 years of financial and risk management experience, previously serving as CFO of American Savings Bank. The Chairman highlighted her expertise in developing financial strategies and optimizing operations, which could enhance the Company's growth. Communities First Financial Corporation operates Fresno First Bank, a leading SBA lender and a top-performing community bank.

Communities First Financial Corporation (OTCQX: CFST) reported a record net income of $6.21 million for Q2 2022, marking a 9% increase year-over-year. This results in earnings of $1.98 per diluted share, up from $1.84 in the same period last year. Deposits surpassed $1 billion, with a 16% growth in total assets to $1.14 billion. Merchant services income doubled, contributing to a 25% increase in non-interest income. The company continues to optimize its digital offerings and remains well-positioned amid rising interest rates.

Communities First Financial Corporation (OTCQX: CFST) announced the retirement of Executive Vice President and CFO Steve Canfield, effective January 3, 2023. Canfield will assist in finding his successor to ensure a smooth transition. Over his 15-year tenure, he significantly contributed to the company's growth and shareholder returns. Communities First Financial, parent of Fresno First Bank, ranks high in community banking performance and is noted for its efficiency and strategic growth initiatives.

Communities First Financial Corporation (OTCQX: CFST) reported a 38% increase in net income for the first quarter of 2022, totaling $5.79 million or $1.84 per diluted share, up from $4.20 million in Q1-2021. Total deposits grew 15% year-over-year, with non-interest-bearing deposits up 20%. Non-interest income surged 83% year-over-year, driven by increased loan sales and banking fees. However, the bank faced unrealized losses due to interest rate volatility, impacting shareholders’ equity, which declined 4% from the previous quarter. Overall, the company remains optimistic about future growth.