Fresno First Bank’s parent company reports best-ever quarterly earnings

Communities First Financial Corp., the holding company for Fresno First Bank, reported a profit of $646,000, or 24 cents per share, for the first quarter of the year. It represents the best quarterly earnings in the bank’s history, president/CEO Rich Whitsell said.

The company’s earnings, announced this week, were up from $595,000, or 22 cents per share, in the first quarter of 2013. Interest income from loans was up about 16%, and total assets rose from $222 million a year ago to $265.3 million in early 2014. The company had higher expenses for employee salaries and benefits, including severance costs from closing loan offices in Bakersfield and Roseville.

Communities First Financial’s common stock is traded on the OTCQX over-the-counter board under the stock symbol CFST. It was trading Thursday morning at $10.43 per share, down 0.19% from Wednesday’s close.