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COMMUNITY FIRST, INC. REPORTS 2015 NET INCOME OF $17.4 MILLION OR $5.20 PER COMMON SHARE
COLUMBIA, Tenn. (February 5, 2016) Community First, Inc. (the Company), the holding company for Community First Bank & Trust (the Bank) today announced preliminary unaudited financial results for the quarter and year ended December 31, 2015.
Key highlights of Community Firsts results for 2015 include:
|||Net income of $17.4 million or $5.20 per common share, up from $2.4 million or $0.25 per share in 2014|
|||The Companys total equity more than doubled during the year, ending at $23.0 million compared to $10.9 million at December 31, 2014|
|||Improvements in the Companys performance and financial condition allowed the Company to reverse a valuation allowance against deferred tax assets totaling $12.7 million in 2015.|
|||The Bank recorded annual loan growth of 3.1% and deposit growth of 4.7%|
|||Non-performing assets decreased to 1.75% of total assets at December 31, 2015 compared to 5.05% at December 31, 2014|
|||The Bank paid dividends to the Company sufficient to allow it to pay all accrued but deferred interest payments on the Companys subordinated debt associated with its trust preferred securities. As of December 31, 2015, the Company is current on all interest payments due related to its subordinated debt.|
|||The Company redeemed a portion of its outstanding Series A Preferred Stock and all of its outstanding Series B Preferred Stock during the fourth quarter of 2015|
|||The book value of the Companys common stock increased to $3.38 per common share at December 31, 2015 from ($2.38) per share at December 31, 2014. An increase of $5.76 per share.|
Louis Holloway, CEO of Community First said Management and the Board could not be more excited about the Companys results for 2015. The Bank has been in a steadily improving position for the past several years and during 2015, we were able to dividend capital from the Bank to allow the holding company to accomplish important objectives related to its debt and capital structure. We accomplished several major goals during 2015 that have been in progress for the past few years. Our results for 2015 reflect the commitment of our employees and our board to increase value for our common shareholders.
Fourth Quarter 2015 Results of Operations
Net income increased to $13,188,000 in the fourth quarter of 2015 compared to $159,000 for the fourth quarter of 2014. The Company was able to reverse a valuation allowance of $12.7 million related to deferred tax assets. Total interest income increased 7.9% to $4,248,000 in the quarter compared to $3,936,000 in the fourth quarter of 2014. Total interest expense decreased 24.8% to $535,000 in the quarter compared to $711,000 for the comparable period last year, primarily due to the Company paying all of the accrued but deferred interest payments on its subordinated debt during December 2015. The payment eliminated the compounding interest charges on the deferred payments. Non-interest income increased 13.8% during the quarter due to a one-time income item associated with the redemption of the preferred stock of the Banks former REIT subsidiary. Non-interest expense increased 12.9% for the quarter primarily due to losses on sale of other real estate.
The following information was filed by Community First Inc (CMFT) on Friday, February 5, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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