Communities First Financial : Q2 Summary Financials

SELECT FINANCIAL INFORMATION AND		For the Quarter Ended:		Percentage Change From:			Year to Date as of:
	June 30,		Mar. 31,		June 30,		Mar. 31,	June 30,			June 30,		June 30,	Percent
RATIOS (unaudited)
	2022		2022		2021	2022	2021			2022		2021	Change
BALANCE SHEET DATA - PERIOD END BALANCES:
	Total assets	$	1,144,334	$	1,102,540	$	988,481	4%	16%
	Total portfolio loans		722,632		693,312		703,477	4%	3%
	Investment securities		320,279		291,975		251,618	10%	27%
	Total deposits		1,004,152		961,510		864,547	4%	16%
	Shareholders equity, net	$	81,752	$	85,577	$	78,759	-4%	4%
SELECT INCOME STATEMENT DATA:
	Gross revenue	$	14,192	$	13,801	$	13,042	3%	9%	$	27,993	$	24,056	16%
	Operating expense		5,536		5,880		4,484	-6%	23%			11,416		8,929	28%
	Pre-tax,pre-provision income		8,656		7,921		8,558		9%	1%			16,577		15,130	10%
	Net income after tax	$	6,208	$	5,789	$	5,708	7%	9%	$	11,997	$	9,904	21%
SHARE DATA:
	Basic earnings per share	$	2.00	$	1.86	$	1.86	7%	7%	$	3.86	$	3.23	20%
	Fully diluted earnings per share	$	1.98	$	1.84	$	1.84	7%	7%	$	3.82	$	3.20	19%
	Book value per common share	$	26.29	$	27.53	$	25.63	-5%	3%
	Common shares outstanding		3,109,755		3,108,219		3,072,858	0%	1%
	Fully diluted shares		3,139,747		3,140,706		3,103,164	0%	1%
	CFST - Stock price	$	55.20	$	59.75	$	43.00	-8%	28%
RATIOS:
	Return on average assets		2.25%		2.14%		2.33%	5%	-4%			2.20%		2.11%	4%
	Return on average equity		30.25%		26.49%		30.99%	14%	-2%			28.31%		27.79%	2%
	Efficiency ratio		39.01%		42.60%		34.34%	-8%	14%			40.78%		37.58%	9%
	Yield on earning assets		4.37%		4.34%		4.29%	1%	2%			4.36%		4.44%	-2%
	Cost to fund earning assets		0.07%		0.08%		0.09%	-9%	-18%			0.08%		0.10%	-18%
	Net Interest Margin		4.29%		4.26%		4.20%	1%	2%			4.28%		4.34%	-2%
	Equity to assets		7.14%		7.76%		7.97%	-8%	-10%
	Loan to deposits ratio		71.96%		72.11%		81.37%	0%	-12%
	Full time equivalent employees		93.5		86.0		69.0	9%	36%
BALANCE SHEET DATA - AVERAGES:
	Total assets	$	1,105,754	$	1,097,173	$	980,937	1%	13%	$	1,101,488	$	946,027	16%
	Total loans		693,985		725,136		698,740	-4%	-1%			709,475		676,441	5%
	Investment securities		304,428		297,048		239,475	2%	27%			300,759		232,227	30%
	Deposits		964,710		953,547		854,198	1%	13%			959,159		822,165	17%
	Shareholders equity, net	$	82,304	$	88,627	$	73,870	-7%	11%	$	85,448	$	71,868	19%
ASSET QUALITY:
	Total delinquent accruing loans	$	15,395	$	24,495	$	6,610	-37%	133%
	Nonperforming assets	$	2,747	$	2,899	$	1,018	-5%	170%
	Non Accrual / Total Loans		.38%		.42%		.14%	-9%	163%
	Nonperforming assets to total assets		.24%		.26%		.10%	-9%	133%
	LLR / Total loans		1.35%		1.41%		1.33%	-4%	1%

Q2‐2022 Summary Financials for OTCQX.xls	Communities First Financial Corporation ‐ CFST
Summary Ratios

STATEMENT OF INCOME ($ in thousands)		For the Quarter Ended:		Percentage Change From:			For the Year Ended
(unaudited)		June 30,		Mar. 31,		June 30,		Mar. 31,	June 30,			June 30,		June 30,	Percent
	2022		2022		2021	2022	2021			2022		2021	Change
Interest Income
	Loan interest income	$	8,949	$	9,228	$	8,409	-3%	6%	$	18,177	$	16,758	8%
	Investment income		2,208		1,961		1,625	13%	36%			4,169		3,133	33%
	Int. on fed funds & CDs in other banks		108		19		18	468%	500%			128		69	86%
	Dividends from non-marketable equity		93		8		43		1063%	116%			100		67	52%
	Interest income		11,358		11,216		10,095	1%	13%			22,574		20,027	13%
	Int. on deposits		189		208		208	-9%	-9%			397		436	-9%
	Int. on short-term borrowings		2		1		2	100%	0%			3		3	0%
	Int. on long-term debt		465		464		464		0%	0%			929		928	0%
	Interest expense		656		673		674		-3%	-3%			1,329		1,367	-3%
	Net interest income		10,702		10,543		9,421	2%	14%			21,245		18,660	14%
	Provision for loan losses		0		0		750		0%	-100%			-		1,600	-100%
	Net interest income after provision		10,702		10,543		8,671	2%	23%			21,245		17,060	25%
Non-Interest Income:
	Total deposit fee income		541		475		414	14%	31%			1,016		684	49%
	Debit / credit card interchange income		141		127		131	11%	8%			268		232	16%
	Merchant services income		2,168		1,679		1,089	29%	99%			3,847		2,050	88%
	Gain on sale of loans		497		803		1,882	-38%	-74%			1,300		1,899	-32%
	Other operating income		143		174		105		-18%	36%			317		534	-41%
	Non-interest income		3,490		3,258		3,621	7%	-4%			6,748		5,399	25%
Non-Interest Expense:
	Salaries & employee benefits		3,361		3,848		2,798	-13%	20%			7,209		5,404	33%
	Occupancy expense		297		235		203	26%	46%			532		413	29%
	Other operating expense		1,878		1,797		1,483		5%	27%			3,675		3,112	18%
	Non-interest expense		5,536		5,880		4,484	-6%	23%			11,416		8,929	28%
	Net income before tax		8,656		7,921		7,808		9%	11%			16,577		13,530	23%
	Tax provision		2,448		2,132		2,100		15%	17%			4,580		3,626	26%
	Net income after tax	$	6,208	$	5,789	$	5,708	7%	9%	$	11,997	$	9,904	21%

Q2-2022 Summary Financials for OTCQX.xls	Communities First Financial Corporation - CFST
Income Statement

BALANCE SHEET ($ in thousands )			End of Period:				Percentage Change From:
			June 30,		Mar. 31,		June 30,		Mar. 31,	June 30,
(unaudited)		2022		2022		2021	2022	2021
ASSETS
	Cash and due from banks	$	19,763	$	17,992	$	18,159	10%	9%
	Fed funds sold and deposits in banks		38,294		67,384		1,098	-43%	3388%
	CDs in other banks		1,490		1,490		2,237	0%	-33%
	Investment securities		320,279		291,975		251,618	10%	27%
	Loans held for sale		6,062		5,430		3,852	12%	57%
	Portfolio loans outstanding:
	RE constr & land development		49,543		37,630		25,373	32%	95%
	Residential RE 1-4 Family		16,018		15,733		18,341	2%	-13%
	Commercial Real Estate		404,971		373,954		291,042	8%	39%
	Agriculture		63,366		58,022		50,032	9%	27%
	Commercial and Industrial		184,618		185,424		178,361	0%	4%
	SBA PPP Loans		3,934		22,378		140,317	-82%	-97%
	Consumer and Other		182		171		11	6%	1555%
	Total Portfolio Loans		722,632		693,312		703,477		4%	3%
	Deferred fees & discounts		(2,422)		(2,492)		(4,761)	-3%	-49%
	Allowance for loan losses		(9,755)		(9,785)		(9,385)	0%	4%
	Loans, net		710,455		681,035		689,331		4%	3%
	Non-marketable equity investments		5,203		4,131		4,070	26%	28%
	Cash value of life insurance		8,495		8,447		8,299	1%	2%
	Accrued interest and other assets		34,293		24,656		9,817	39%	249%
	Total assets	$	1,144,334	$	1,102,540	$	988,481		4%	16%
LIABILITIES AND EQUITY
	Non-interest bearing deposits	$	695,977	$	611,890	$	527,259	14%	32%
	Interest checking		33,521		28,401		45,533	18%	-26%
	Savings		82,438		95,902		67,765	-14%	22%
	Money market		148,022		171,589		136,113	-14%	9%
	Certificates of deposits		44,194		53,728		87,877	-18%	-50%
	Total deposits		1,004,152		961,510		864,547		4%	16%
	Short-term borrowings		0		0		0	0%	0%
	Long-term debt		39,362		39,323		39,204	0%	0%
	Other liabilities		19,068		16,130		5,971	18%	219%
	Total liabilities		1,062,582		1,016,963		909,722		4%	17%
	Common stock & paid in capital		33,479		33,136		32,019	1%	5%
	Retained earnings		65,945		59,737		43,325	10%	52%
	Total equity		99,424		92,873		75,344		7%	32%
	Accumulated other comprehensive income		(17,672)		(7,296)		3,415	142%	-617%
	Shareholders equity, net		81,752		85,577		78,759		-4%	4%
	Total Liabilities and shareholders' equity	$	1,144,334	$	1,102,540	$	988,481		4%	16%

Q2-2022 Summary Financials for OTCQX.xls	Communities First Financial Corporation - CFST
Balance Sheet

ASSET QUALITY ($ in thousands)			Period Ended:
(unaudited)		June 30,		Mar. 31,		June 30,
	2022		2022		2021
Delinquent accruing loans 30-60 days	$	2,627	$	8,270	$	4,666
Delinquent accruing loans 60-90 days	$	1,813	$	173	$	1,944
Delinquent accruing loans 90+ days	$	10,955	$	16,052	$	0
Total delinquent accruing loans	$	15,395	$	24,495	$	6,610
Loans on non accrual	$	2,747	$	2,899	$	1,018
Other real estate owned	$	0	$	0	$	0
Nonperforming assets	$	2,747	$	2,899	$	1,018
Performing restructured loans	$	1,310	$	800	$	0
Delq 30-60 / Total Loans		.36%		1.19%		.66%
Delq 60-90 / Total Loans		.25%		.02%		.28%
Delq 90+ / Total Loans		1.52%		2.32%		.00%
Delinquent Loans / Total Loans		2.13%		3.53%		.94%
Non Accrual / Total Loans		.38%		.42%		.14%
Nonperforming assets to total assets		.24%		.26%		.10%
Year-to-datecharge-off activity
Charge-offs	$	36	$	0	$	64
Recoveries	$	6	$	0	$	0
Net charge-offs	$	30	$	0	$	64
Annualized net loan losses (recoveries) to average loans		.01%		.00%		.02%
LOAN LOSS RESERVE RATIOS:
Reserve for loan losses	$	9,755	$	9,785	$	9,385
Total loans	$	722,632	$	693,312	$	703,477
Purchased govt. guaranteed loans	$	38,533	$	38,533	$	43,040
Originated govt. guaranteed loans	$	42,292	$	64,721	$	177,777
LLR / Total loans		1.35%		1.41%		1.33%
LLR / Loans less 100% govt. gte. loans (PPP and purchased)		1.43%		1.55%		1.80%
LLR / Loans less all govt. guaranteed loans		1.52%		1.66%		1.94%
LLR / Total assets		.85%		.89%		.95%

Q2-2022 Summary Financials for OTCQX.xls	Communities First Financial Corporation - CFST
Asset Quality

SELECT FINANCIAL TREND INFORMATION				For the Quarter Ended:
(unaudited)	June 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sept. 30, 2021 June 30, 2021
BALANCE SHEET DATA - PERIOD END BALANCES:
	Total assets	$	1,144,334	$	1,102,540	$	1,080,103	$	1,023,299	$	988,481
	Loans held for sale		6,062		5,430		3,811		3,835		3,852
	Loans held for investment ex. PPP		718,698		670,934		673,659		616,036		563,160
	PPP Loans		3,934		22,378		52,594		84,282		140,317
	Investment securities		320,279		291,975		291,969		269,236		251,618
	Non-interest bearing deposits		695,977		611,890		594,044		554,579		527,259
	Interest bearing deposits		308,175		349,620		342,505		338,670		337,288
	Total deposits		1,004,152		961,510		936,549		893,249		864,547
	Short-term borrowings		0		0		0		0		0
	Long-term debt		39,362		39,323		39,283		39,244		39,204
	Total equity		99,424		92,873		86,434		80,790		75,344
	Accumulated other comprehensive income		(17,672)		(7,296)		2,858		3,453		3,415
	Shareholders equity, net	$	81,752	$	85,577	$	89,292	$	84,243	$	78,759
INCOME STATEMENT - QUARTERLY VALUES:
	Interest income	$	11,358	$	11,216	$	11,096	$	10,435	$	10,095
	Int. on dep. & short-term borrowings		191		209		213		208		210
	Int. on long-term debt		465		464		464		464		464
	Interest expense		656		673		677		672		674
	Net interest income		10,702		10,543		10,419		9,763		9,421
	Non-interest income		3,490		3,258		2,278		2,293		3,621
	Gross revenue		14,192		13,801		12,697		12,056		13,042
	Provision for loan losses		0		0		0		400		750
	Non-interest expense		5,536		5,880		5,216		4,446		4,484
	Net income before tax		8,656		7,921		7,481		7,210		7,808
	Tax provision		2,448		2,132		2,076		1,990		2,100
	Net income after tax	$	6,208	$	5,789	$	5,405	$	5,220	$	5,708
BALANCE SHEET DATA - QUARTERLY AVERAGES:
	Total assets	$	1,105,754	$	1,097,173	$	1,074,440	$	1,017,060	$	980,937
	Loans held for sale		12,728		3,806		4,492		4,652		12,485
	Loans held for investment ex. PPP		680,584		686,639		640,412		583,254		521,676
	PPP Loans		13,401		38,497		67,283		117,564		177,065
	Investment securities		304,428		297,048		284,958		255,152		239,475
	Non-interest bearing deposits		654,968		603,185		593,190		555,860		502,819
	Interest bearing deposits		309,742		350,362		348,036		334,113		351,378
	Total deposits		964,710		953,547		941,227		889,973		854,198
	Short-term borrowings		2,330		1,432		3		411		7,516
	Long-term debt		39,344		39,305		39,265		39,225		39,186
	Total equity		95,137		88,468		82,751		77,136		71,477
	Accumulated other comprehensive income		(12,834)		159		2,497		4,019		2,394
	Shareholders equity, net	$	82,304	$	88,627	$	85,248	$	81,155	$	73,870