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FRESNO, Calif., May 19, 2022 (GLOBE NEWSWIRE) -- Communities First Financial Corporation (the “Company”) (OTCQX: CFST), the parent company of Fresno First Bank (the “Bank”), today announced that it has been named to American Banker’s Top 200 Publicly Traded Community Banks list. In its May 2022 issue, American Banker ranked Communities First sixth (#6) on the list of 200 top-performing publicly traded community banks with less than $2 billion of assets, and based on 3-year average return on equity 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 clients, communities and shareholders,” said Steve Miller, President and Chief Executive Officer. “Notwithstanding our strong record of robust earnings, I believe our strong source of fee and interest income and strong operating efficiencies also sets us apart.”
Communities First recently reported record first quarter 2022 results with net income of $5.79 million, or $1.84 per diluted share, up 38% compared to $4.20 million, or $1.35 per diluted share for the first quarter of 2021, and increased 7% 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 nation against its peers in the Best Community Banks Category (below $5 billion in assets) and third in the Best Growth Strategy selected from 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 #20 best performing community bank under $3 billion in assets for 2020, and #1 in California. Named to the 2019 OTCQX Best 50 and ranked one of the top performing OTCQX companies in the country, based on total return and growth in average daily dollar volume for 2018. The Bank was named to the Inc. 5000 Fastest Growing Companies list in 2017 and to Forbes Best 25 Small Businesses in America for 2016. Additional information is available from the Company’s website at www.fresnofirstbank.com or by calling 559-439-0200.
Steve Miller – President & CEO
Steve Canfield – Executive Vice President & CFO