Communities First Financial Corporation, the parent company of Fresno First Bank, reported a profit of $932,000, or 34 cents a share, for the fourth quarter of 2016. The figure is up from $537,000, or 20 cents a share, at the same time a year ago.
The company also reported on Thursday record earnings for the year of $3.1 million, or $1.12 per share, up from $2.5 million, or 93 cents per share in 2015.
President and chief executive officer Steve Miller said the company achieved solid revenue growth, record net income and maintained a strong balance sheet.
“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,” Miller said.
The company invested in BodeTree, a cloud-based business management program, and Breakaway Funding, a next-generation crowd-funding company, helping to place it among the forefront of financial service providers in California. Total assets, deposits and loans increased while operating costs declined.
Communities First Financial’s common stock is quoted on the OTCQX over-the-counter board under the stock symbol CFST.