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Community First Bank Reports Third Quarter Net Income

SOMERSET, N.J.--(BUSINESS WIRE)-- Community First Bank announced that for the quarter ending September 30, 2012, the bank earned net income of $136,000, or nine cents a share, compared to a loss of ($248,000) for the same period last year. This marked the Bank’s first profitable quarter of operations since inception on October 15, 2008. Net Interest Income after the Provision for Loan Losses grew $294 thousand, or 77.42%, while Non Interest Income increased $180 thousand, or 284.67% compared to the same period last year on strong U.S. Small Business Administration loan originations. “This is the result of hard work and the Bank’s continued commitment to providing personalized community banking services to individuals and small to mid-size businesses by offering the convenience of 24-hour access through ATMs, on-line banking and outstanding customer service,” commented Mr. Peter Schoberl, Chairman, President and CEO. "Growing quality loan and deposit relationships remains our key focus" Schoberl continued.

The loan growth during the third quarter was the direct result of core relationships attributable to the Small Business Administration lending focus. “We consider SBA lending as a core business for Community First Bank” commented Mr. Schoberl.

Total Assets were at $73 million at quarter end, up $13.7 million (22.83%) from a year earlier, while Gross Loans increased $14 million (31.13%) and Deposits $13.4 million (25.95%) to finish at $59.7 million and $64.9 respectively for the same period.

Community First Bank is a full service community bank headquartered in Somerset New Jersey with a branch office in Springfield, New Jersey. Community First Bank provides deposit and loan banking services to consumers and small businesses in central New Jersey and has been recognized as a “Preferred Lender” by the U.S. Small Business Administration.

Community First Bank
408 Elizabeth Avenue
Somerset, New Jersey 08873
Phone 732-560-0004
Fax 732-560-1002
info@communityfirstnj.com
www.communityfirstnj.com

Springfield Location
899 Mountain Avenue
Springfield, New Jersey 07081
Phone 973-671-1086
Fax 973-467-5970

Community First Bank
Statements of Operations and Financial Highlights
(Unaudited)
(Dollars in thousands, except for per share data)
Three Months Ended
September 30
INTEREST INCOME 2012 2011
Loans receivable, including fees $ 778 $ 605
Securities 36 9
Federal Funds, due from banks and other 10 23
Total interest income 824 637
INTEREST EXPENSE
Savings and money markets 37 21
Time deposits 73 93
Total interest expense 110 114
NET INTEREST INCOME 714 523
Provision for loan losses 40 143
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 674 380
OTHER INCOME
Service charges and fees 15 27
Net realized gains on sales of securities - -
Gains on sale of loans and servicing rights 228 36
Total other income 243 63
OTHER EXPENSES
Salaries and employee benefits 415 382
Occupancy and equipment 163 180
Advertising and marketing 8 1
Legal and professional 51 52
Data processing 75 48
Other 69 27
Total other expenses 781 690
INCOME/(LOSS) BEFORE TAX EXPENSE 137 (247 )
INCOME TAX EXPENSE 1 1
NET INCOME (LOSS) $ 136 $ (248 )
Basic earnings per share $ 0.09 $ (0.19 )
SELECTED BALANCE SHEET DATA
AT END OF PERIOD
9/30/2012 9/30/2011
Gross loans $ 59,668 $ 45,502
Allowance for loan losses 561 426
Investment securities at fair value 7,222 5,422
Total Assets 73,438 59,786
Total Deposits 64,867 51,502
Stockholders Equity 7,976 8,126
Book value per common share $ 5.47 $ 6.13

Community First Bank
Peter G. Schoberl
Chairman, President & CEO
or
Gregory Daniels
Chief Financial Officer
732-560-0004

Source: Community First Bank