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.

“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”

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 [phone]
Fax [phone]
[e-mail]
www.communityfirstnj.com

Springfield Location
899 Mountain Avenue
Springfield, New Jersey 07081
Phone [phone]
Fax [phone]

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