Written by The Business Journal Staff
Communities First Financial Corp. also reported fourth quarter revenue of $932,000 last year, up 73 percent from the same quarter of 2015.
“We delivered stellar financial results for 2016, achieving solid revenue growth and record net income, while maintaining a very strong balance sheet,” said Steve Miller, president and CEO. “In 2016, our team worked hard, as we balanced decisions on operating efficiencies with opportunities for investing in future growth and addressing our customers’ needs. Our investments in both BodeTree, a cloud-based business management program, and Breakaway Funding, a next generation crowd-funding company, put us on the forefront of financial service providers in California.
Total assets grew 23 percent to $363.5 million at Dec. 31, 2016, compared to $295.7 million a year earlier.
“The strength of our growing franchise is in our core deposit base. We saw significant growth in both the quantity and quality of our checking account relationships. Our focus is always on developing new relationships in Central California, and we achieved a 30% year-over-year increase in new customer growth,” added Miller. “We are successfully executing our strategies as we continue to deliver sustainable profitability and revenue growth to our franchise. I am proud of our employees and their passionate commitment to creating value for our customers, communities, and shareholders.”