Written by The Business Journal Staff
Communities First Financial Corporation, parent company of Fresno First Bank, reported net income of $915,000 for the second quarter, up 24 percent from the same period last year.
For the first six months of the year, net income was $1.8 million, up 22 percent from the first six months of 2016.
“With increasing profitability, our second quarter results demonstrate our success in building a sustainable franchise in California’s Central Valley,” said Steve Miller, President and CEO. “Our net interest income increased 21% from a year ago. We are growing our loan portfolio, increasing core deposits and generating strong margins.”
Total assets increased 20 percent to $352 million on June 30 compared to $292.3 million at June 30, 2016, and remained unchanged from the preceding quarter.