COMMUNITY 1ST BANCORPORATION ANNOUNCES THIRD QUARTER 2022 FINANCIAL RESULTS.

WALHALLA, S.C: Community First Bancorporation, Inc. (OTC: CFOK) (the "Company"), parent company of Community First Bank, Inc. (the "Bank"), announced its financial results for the third quarter of 2022. Highlights of the results include:

The Company earned $1,138,000 for the third quarter and $5,230,000 for the first nine months of 2022. Earnings per common share were $0.20 (basic and diluted) for the third quarter of 2022 and $0.93 (basic and diluted) for the nine months ended September 30, 2022.

Net income for the first nine months of 2022 increased 95.1% over net income for the first nine months of 2021 due to the sale of SeaTrust Mortgage Company ("SeaTrust") in the second quarter of 2022.

Net interest income grew by 17.7% in the first nine months of 2022 compared to the comparable 2021 period. The net interest margin for the first nine months of 2022 was 3.54%.

Noninterest income increased 6.5% and noninterest expense decreased 1.7% in the first nine months of 2022 over the level reported for the first nine months of 2021.

Deposits and loans held for investment increased 4.0% and 3.6%, respectively, during the first nine months of 2022.

Nonperforming assets to total assets remained very low at 0.02% on September 30, 2022.

Net interest income grew by 17.5% year over year for the third quarter of 2022, driven by interest-earning asset growth and higher rates on federal funds sold, interest earning cash balances, and investments. Average balances of loans and investments were higher by 3.8% and 38.3%, respectively, for the third quarter of 2022 compared to the third quarter of 2021. Noninterest income totaled $791,000 for the most recent quarter compared to $4,070,000 for the third quarter of 2021. The change primarily related to a decline in mortgage banking income in 2022. Declines in volume have occurred across the industry in 2022 as a result of increases in mortgage interest rates and, for the Company in particular, due to the sale of SeaTrust in the second quarter of 2022.

Noninterest expense decreased 26.8% year over year for the third quarter and was impacted by the sale SeaTrust. Salaries and commissions, occupancy expense, miscellaneous loan expense, and data processing expense were each impacted by the sale of SeaTrust. Noninterest expense in the third quarter of 2021 also included expenses related to the data processing conversion necessitated by the acquisition of Security Federal Bancorp and its subsidiary Security Federal Bank ("SFB").

Net income for the first nine months of 2022 was $5,230,000 compared to $2,681,000 for the first nine months of 2021. The comparison was impacted by the sale of SeaTrust in 2022 and by the Company's acquisition of SFB in 2021. Earnings per share for the first nine...