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19 Jul

Fresno First Bank parent reports record Q2 profits

published on July 19, 2016 - 7:33 PM
Written by The Business Journal Staff
Communities First Financial Corporation, holding company of Fresno First Bank, announced second quarter income of $738,000, up 8.9 percent from last year.

For the first six months of the year, net income also increased by 8.7 percent to $1.4 million.

“We achieved record profits for the second quarter and first half of 2016, reflecting the overall strength and diversity of our business in Central California. Highlighting our strong operating performance were solid gross revenue growth, strong year-over-year deposit and loan growth and an expanding net interest margin,” said Steve Miller, president and CEO. “Our strategy to grow our customer base is gaining momentum with our new customer acquisition rate running approximately 25% ahead of 2015.

Total assets were $292.3 million at June 30, compared to $297.2 million at March 31, 2016 and $256.6 million a year earlier.

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