Communities First Financial Corp., the parent company of Fresno First Bank, reported a profit of $679,000, or 25 cents a share, for the third quarter of the year. The figure is up from $577,000, or 22 cents a share, in the third quarter of 2014.
The company said Tuesday the third-quarter earnings were its best in history, pointing to growth in assets and deposits and a loan portfolio up 10.4 percent to date. Total assets grew to $291.6 million as of Sept. 30, compared to $258.3 million last year.
Operating costs for the first nine months of the year increased nearly 9 percent. Salary and employee benefits increased modestly while a bulk of the expenses – more than $115,000 – went to professional fees in the search for a new chief executive officer.
The company appointed Steve Miller as president and CEO on Oct. 13.
Sign Up and Save
Get six months of free digital access to The Fresno Bee
Communities First Financial’s common stock is quoted on the OTCQX over-the-counter board under the stock symbol CFST.