Written by The Business Journal Staff
Communities First Financial Corp., parent company of Fresno First Bank, announced another hot quarter, with net income of $2.13 million for Q1, up 45% from last year.
Income was 71 cents per diluted share for the first quarter, compared to 50 cents last year.
“First quarter 2019 results were stellar, and we are very pleased the team got off to a great start in the new year,” said Steve Miller, president and CEO. “We again achieved top-line revenue growth with a substantially higher than average net interest margin and net interest income. Total deposits were up 14% from a year ago. Our focus on expanding our franchise into new markets is proving out. Loans generated in our newly established loan production office (“LPO”) in Southern California have already contributed to our loan portfolio, which grew 15% in the first quarter from a year ago. In addition, we substantially improved our efficiency ratio to 49.71%, reflecting lower operating costs. We also delivered industry-leading return on average assets (“ROAA”) of 1.87% and return on average equity (“ROAE”) of 20.41%.
“We will continue to focus on high quality earnings growth, while managing our operating efficiencies and expanding our brand throughout California,” added Miller. “Everything we do is focused on strengthening relationships with our customers and communities and supporting our loyal employees. That should translate into long-term value for our shareholders.”
Total assets as of March 31 were $471.15 million, up 15 percent to the same time last year.