Community First Bank Reports Third Quarter Net Income

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.

Community First Bank
408 Elizabeth Avenue
Somerset, New Jersey 08873
Phone 732-560-0004
Fax 732-560-1002
info@communityfirstnj.com
www.communityfirstnj.com

Springfield Location
899 Mountain Avenue
Springfield, New Jersey 07081
Phone 973-671-1086
Fax 973-467-5970

Community First Bank

Statements of Operations and Financial Highlights

(Unaudited)

(Dollars in thousands, except for per share data)

Three Months Ended

September 30

INTEREST INCOME

2012

2011

Loans receivable, including fees

$

778

$

605

Securities

36

9

Federal Funds, due from banks and other

10

23

Total interest income

824

637

INTEREST EXPENSE

Savings and money markets

37

21

Time deposits

73

93

Total interest expense

110

114

NET INTEREST INCOME

714

523

Provision for loan losses

40

143

NET INTEREST INCOME AFTER

PROVISION FOR LOAN LOSSES

674

380

OTHER INCOME

Service charges and fees

15

27

Net realized gains on sales of securities

-

-

Gains on sale of loans and servicing rights

228

36

Total other income

243

63

OTHER EXPENSES

Salaries and employee benefits

415

382

Occupancy and equipment

163

180

Advertising and marketing

8

1

Legal and professional

51

52

Data processing

75

48

Other

69

27

Total other expenses

781

690

INCOME/(LOSS) BEFORE TAX EXPENSE

137

(247

)

INCOME TAX EXPENSE

1

1

NET INCOME (LOSS)

$

136

$

(248

)

Basic earnings per share

$

0.09

$

(0.19

)

SELECTED BALANCE SHEET DATA

AT END OF PERIOD

9/30/2012

9/30/2011

Gross loans

$

59,668

$

45,502

Allowance for loan losses

561

426

Investment securities at fair value

7,222

5,422

Total Assets

73,438

59,786

Total Deposits

64,867

51,502

Stockholders Equity

7,976

8,126

Book value per common share

$

5.47

$

6.13



Community First Bank
Peter G. Schoberl
Chairman, President & CEO
or
Gregory Daniels
Chief Financial Officer
732-560-0004

KEYWORDS: United States North America New Jersey

INDUSTRY KEYWORDS:

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