Community First Bank Reports Third Quarter Net Income
SOMERSET, N.J.--(BUSINESS WIRE)-- Community First Bank announced that for the quarter ending September 30, 2012, the bank earned net income of $136,000, or nine cents a share, compared to a loss of ($248,000) for the same period last year. This marked the Bank's first profitable quarter of operations since inception on October 15, 2008. Net Interest Income after the Provision for Loan Losses grew $294 thousand, or 77.42%, while Non Interest Income increased $180 thousand, or 284.67% compared to the same period last year on strong U.S. Small Business Administration loan originations. "This is the result of hard work and the Bank's continued commitment to providing personalized community banking services to individuals and small to mid-size businesses by offering the convenience of 24-hour access through ATMs, on-line banking and outstanding customer service," commented Mr. Peter Schoberl, Chairman, President and CEO. "Growing quality loan and deposit relationships remains our key focus" Schoberl continued.
The loan growth during the third quarter was the direct result of core relationships attributable to the Small Business Administration lending focus. "We consider SBA lending as a core business for Community First Bank" commented Mr. Schoberl.
Total Assets were at $73 million at quarter end, up $13.7 million (22.83%) from a year earlier, while Gross Loans increased $14 million (31.13%) and Deposits $13.4 million (25.95%) to finish at $59.7 million and $64.9 respectively for the same period.
Community First Bank is a full service community bank headquartered in Somerset New Jersey with a branch office in Springfield, New Jersey. Community First Bank provides deposit and loan banking services to consumers and small businesses in central New Jersey and has been recognized as a "Preferred Lender" by the U.S. Small Business Administration.
899 Mountain Avenue
Springfield, New Jersey 07081
Community First Bank
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Community First Bank
Peter G. Schoberl
Chairman, President & CEO
Chief Financial Officer
KEYWORDS: United States North America New Jersey
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