FRESNO, Calif., May 19, 2022 (GLOBE NEWSWIRE) — Communities First Financial Corporation (the “Company”) (OTCQX: CFST), Fresno First Bank’s parent company (the “Bank”), today announced that it has been named to American Banker’s list of the 200 Most Publicly Traded Community Banks. In its May 2022 issue, American Banker ranked Communities First sixth (#6) on its list of the top 200 publicly traded community banks with less than $2 billion in assets, and based on average return equity over 3 years as of December 31, 2021. Source: Capital Performance Group.
“We are honored to be recognized in American Banker’s Top 200 list; it is a validation of our success in focusing on strong relationships with our customers, our communities and our shareholders,” said Steve Miller, President and CEO. “Notwithstanding our strong track record of robust earnings, I believe our strong source of fee and interest income and strong operating efficiencies also set us apart.”
Communities First recently announced record results for the first quarter of 2022 with net income of $5.79 million, or $1.84 per diluted share, up 38% from $4.20 million, or $1.35 per diluted share for the first quarter of 2021, and a 7% increase from $5.41 million, or $1.74 per diluted share for the fourth quarter of 2021. The Company also reported record revenues and a return on average equity of 26.49% and a return on average assets of 2.14%.
About Communities First Financial Corporation
Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of Fresno First Bank, founded in 2005 in Fresno, California. Fresno First Bank is a leading SBA lender in California’s Central Valley and has expanded into Southern California. The Bank is also a direct acquiring bank with VISA and MasterCard and processes payments for merchants across the country directly and through partners. Communities First Financial Corp. ranked third in the country against its peers in the category of best community banks (less than $5 billion in assets) and third in the best growth strategy selected among the top 50 banks in the study, reported by Bank Director. A big jump from a year ago, when S&P Global ranked the bank the 20th best performing community bank with less than $3 billion in assets for 2020, and number one in California. Named to the 2019 OTCQX Best 50 and ranked among the top performing OTCQX companies in the nation, based on total return and average daily dollar volume growth for 2018. The Bank was named to the Inc. 5000 Fastest Growing list Companies in 2017 and Forbes Best 25 Small Businesses in America for 2016. Additional information is available on the Company’s website at www.fresnofirstbank.com or by calling 559-439-0200.
|Contact:||Steve Miller – President and CEO|
|Steve Canfield – Executive Vice President and Chief Financial Officer|