Communities First Financial Corp., the Fresno-based parent company of Fresno First Bank, reported a profit of $2.12 million, or 79 cents per share, for 2014, up from $26,000 or 1 cent per share in 2013. The annual figure for net earnings was a record for the company, which issued its earnings report Monday.
Communities First president/CEO Rich Whitsell said last year represented a recovery from “a pretty big bump” in 2013. Total assets grew from $218.9 million at the end of 2013 to $253.7 million by the end of 2014. Deposits grew by $30.8 million to $227.8 million, and total loans outstanding rose to $162.4 million, up from $135.9 million in 2013.
In the fourth quarter of the year, the bank’s net income was $538,000, up from $509,000 in the fourth quarter of 2013.
The company reported it has closed a pair of limited-service loan production offices that were opened last spring in Roseville and Bakersfield based on results that didn’t live up to expectations.
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“After looking at results there, the decision was to focus on our core operation here (in Fresno),” Whitsell said Wednesday. “What we learned in those markets is you either go all in or not at all.”
Whitsell added that re-entry into those markets with full-service branches could take place in the future. In the meantime, “our projections without those kind of expenses are looking very positive.”
Communities First is traded on the Over The Counter stock bulletin board under the stock symbol CFST. The company’s stock closed Wednesday at $10.90 per share, up 2.35% from Tuesday’s closing price.