FRESNO, Calif., Dec. 20, 2021 (GLOBE NEWSWIRE) -- Communities First Financial Corporation (the “Company”) (OTCQX: CFST), the parent company of Fresno First Bank (the “Bank”), today announced that it ranked third amongst the Best Community Banks and for their Best Growth Strategy by Bank Director, boasting a strong total shareholder return (“TSR”) from 2015 through 2020 at 205%, and a return of average assets (“ROAA”) of 1.60%, at the end of 2020. Bank Director is the leading information resource for directors and officers of financial institutions nationwide.
“We are proud to be recognized as one of the Best Community Banks with the Best Growth Strategy in the nation in this select group of community banks,” said Steve Miller, President and Chief Executive Officer. “It is a great affirmation of our extraordinary staff and their commitment to our customer-centered, high-tech focused banking strategy, our clients and the communities we serve.” Communities First Financial Corp. ranked #3 against its peers in the Best Community Banks Category (below $5 billion in assets) and #3 in the Best Growth Strategy selected from the top 50 banks in the study.
Since 2017, Bank Director has analyzed the best in banking through its RankingBanking reports. This year’s study reveals the best U.S. banks: those that balance growth and profitability, deliver long-term shareholder value and execute their goals in a safe and sound manner. Bank Director also further examined these institutions based on the factors that drive this performance: growth, leadership, board oversight and technological innovation.
To determine the top 10 in each category, Bank Director calculated a profitability score based on return on average assets and return on average equity as of year-end 2020. In addition, year-over-year growth in pre-provision net revenue from 2019 to 2020, as well as absolute PPNR as of year-end 2020, was reviewed. Credit quality was examined, based on net charge offs and non-performing loans as a percentage of total loans for 2020. To award building shareholder value, Bank Director included five-year total shareholder return from 2015 to 2020. These factors were ranked and then averaged — with profitability receiving a double weight — to develop a score.
Once the top 10 in each size category were selected, Bank Director then studied each institution across four subcategories that contribute to overall performance — leadership, board, innovation and growth. Each category has its own unique methodology, and each bank’s within-peer rank factored into its final score in the asset size categories. The growth subcategory received a double weight in the final analysis due to its contribution to earnings potential going forward.
About Bank Director
Bank Director reaches the leaders of the institutions that comprise America’s banking industry. Since 1991, Bank Director has provided board-level research, peer insights and in-depth executive and board services. Built for banks, Bank Director extends into and beyond the boardroom by providing timely and relevant information through Bank Director magazine, board training services and the financial industry’s premier event, Acquire or Be Acquired. For more information, please visit BankDirector.com.
About Communities First Financial Corporation
Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of Fresno First Bank, founded in 2005 in Fresno, California. Fresno First Bank is a leading SBA Lender in California’s Central Valley and has expanded into Southern California. The Bank is also a direct acquiring bank with VISA and MasterCard and processes payments for merchants across the country directly and through partners. In March 2021, S&P Global ranked the Bank the #20 best performing community bank under $3 billion in assets for 2020, and #1 in California. Named to the 2019 OTCQX Best 50 and ranked one of the top performing OTCQX companies in the country, based on total return and growth in average daily dollar volume for 2018. The Bank was named to the Inc. 5000 Fastest Growing Companies list in 2017 and to Forbes Best 25 Small Businesses in America for 2016. Additional information is available from the Company’s website at www.fresnofirstbank.com or by calling 559-439-0200.
Safe Harbor Disclosure
This release contains forward-looking statements that reflect management's current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including, but not limited to, the ability of the Company to implement its strategy and expand its lending operations.
Contact:
Steve Miller – President & CEO
Steve Canfield – Executive Vice President & CFO
(559) 439-0200
