COMMUNITY FIRST BANCORPORATION ANNOUNCES 2ND 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 second quarter of 2022. Highlights of the results include:
The Company earned $2,939,000 for the second quarter, and $4,092,000 for the first six months of 2022. Earnings per common share were $0.53 ($0.52 diluted) for the second quarter of 2022, and $0.73 (basic and diluted) for the six months ended June 30, 2022.
Total consolidated earnings for the second quarter increased 154.9% compared to the first quarter of 2022, and 421.1% from the comparable 2021 period.
On May 31, 2022, the Company completed the sale of its mortgage subsidiary, SeaTrust Mortgage Company, Inc. ("SeaTrust") to Primis Bank, Glen Allen, Virginia, recognizing a pre-tax net gain on the sale of approximately $2,293,000 (approximately $1,743,000 net of tax.)
Net interest income grew by 17.8% in the first six months of 2022 compared to the comparable 2021 period.
Noninterest income increased 71.4% over the level reported for the first half of 2021.
Deposits increased 5.3% during the first six months of 2022.
Loans held for investment increased 2.1% during the six-month period.
Nonperforming assets to total assets remained low at 0.06% on June 30, 2022.
COMMUNITY FIRST BANCORPORATION ANNOUNCES SECOND QUARTER 2022 FINANCIAL RESULTS
Total consolidated earnings were $2,939,000 for the second quarter of 2022 compared to $564,000 for the second quarter of 2021, an increase of 421.1%. Earnings per common share totaled $0.53 ($0.52 diluted) for the second quarter of 2022 compared to $0.10 per share for the second quarter of 2021. Net income in the second quarter of 2022 was impacted by an increase in net interest income and a gain on the sale of SeaTrust of $1,743,000, after tax.
Net interest income grew by 14.6% year over year for the second 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 4.4% and 83.6%, respectively, for the second quarter of 2022 compared to the second quarter of 2021. Noninterest income totaled $5,929,000 for the most recent quarter compared to $2,461,000 for the second quarter of 2021, primarily due the after-tax gain achieved on the sale of SeaTrust.
Noninterest expense increased 15.1% year over year for the second quarter...
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