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Communities First Financial Corporation (OTCQX: CFST) reported a 66% increase in net income to $5.41 million for the fourth quarter of 2021, compared to $3.25 million in Q4 2020. For the full year, net income surged 78% to $20.53 million, reflecting strong business growth. Key metrics included a return on average equity of 26.46% and a net interest margin of 4.24%. Total deposits rose 29% to $936.55 million, and nonperforming assets decreased to 0.27% of total assets. The company emphasizes a robust financial position entering 2022.
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Communities First Financial Corporation (OTCQX: CFST) reported a strong performance in Q3 2021, with net income rising 73% to $5.22 million or $1.68 per diluted share, compared to $3.02 million in Q3 2020. For nine months, net income was up 83% to $15.12 million. Total assets crossed $1 billion, driven by a 19% increase in loans and deposits. The company reported a return on average equity of 25.52% and a low efficiency ratio of 36.87%. Despite a minor rise in nonperforming assets, strong credit metrics and solid capital position contribute to a positive outlook.
Communities First Financial Corporation (OTCQX: CFST) reported a net income increase of 92% to $5.71 million for 2Q-2021, up from $2.98 million in 2Q-2020. Year-to-date, net income rose 89% to $9.90 million. Key metrics include a 30.99% return on average common equity and 2.33% return on average assets. Total assets grew 31% to $988.48 million, while deposits increased 27% to $864.55 million. Nonperforming assets declined to 0.10% of total assets, reflecting improved asset quality.
Communities First Financial Corporation (OTCQX: CFST) announced that Fresno First Bank received an "Outstanding" rating in its Community Reinvestment Act examination by the FDIC, covering the years 2018-2020. This high rating is a testament to the bank's performance in serving low- to moderate-income communities. Notably, the bank experienced significant growth in loans and deposits during 2020, largely attributable to SBA Paycheck Protection Program loans. The bank remains committed to addressing community needs and supporting local non-profits.
Communities First Financial Corporation (OTCQX: CFST) reported a remarkable 86% increase in net income for Q1 2021, totaling $4.20 million or $1.37 per diluted share, compared to Q1 2020. Key highlights include a 51% growth in operating revenue to $11.02 million and a 75% increase in total assets, reaching $957.48 million. The bank's return on average equity stood at 24.37%, with nonperforming assets dropping to $1.49 million. The company's growth was bolstered by participation in the SBA's Paycheck Protection Program.