Fresno First Bank reports $679,000 quarterly earnings

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.

Communities First Financial’s common stock is quoted on the OTCQX over-the-counter board under the stock symbol CFST.

BoNhia Lee: 559-441-6495, @bonhialee