COMMUNITY FIRST INC

CIK:0001179500|SEC Filings

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest income
Loans, including fees	$ 3,889	$ 3,837	$ 11,519	$ 11,094
Taxable securities	433	406	1,307	1,526
Tax-exempt securities	2	4	6	19
Federal funds sold and other	201	137	529	341
Total interest income	4,525	4,384	13,361	12,980
Interest expense
Deposits	536	498	1,563	1,491
Subordinated debentures and other	131	210	446	583
Total interest expense	667	708	2,009	2,074
Net interest income	3,858	3,676	11,352	10,906
Provision for (reversal of) loan losses		(325)	55	(903)
Net interest income after provision for loan losses	3,858	4,001	11,297	11,809
Noninterest income
Service charges on deposit accounts	426	496	1,298	1,422
Gain on sale of loans	65	47	165	139
Gain on sale of securities available for sale				206
Other noninterest income	138	132	380	416
Total noninterest income	629	675	1,843	2,183
Noninterest expense
Salaries and employee benefits	1,637	1,898	5,169	5,642
Regulatory and compliance	89	104	226	301
Occupancy	243	253	755	758
Furniture and equipment	80	89	263	263
Data processing fees	296	242	854	864
Advertising and public relations	36	36	122	123
Operational expense	106	121	354	347
Other real estate owned expense	221	170	486	206
Other noninterest expense	622	743	1,861	2,217
Total noninterest expenses	3,330	3,656	10,090	10,721
Income before income tax expense	1,157	1,020	3,050	3,271
Income tax expense	413	386	1,078	1,209
Net income	744	634	1,972	2,062
Preferred stock dividends reversed/(accrued), net		(97)		4,167
Net income available to common shareholders	$ 744	$ 537	$ 1,972	$ 6,229
Income per share available to common shareholders
Basic	$ 0.15	$ 0.11	$ 0.39	$ 1.63
Diluted	$ 0.15	$ 0.11	$ 0.39	$ 1.63
Weighted average common shares outstanding
Basic	4,999,180	4,920,544	4,996,897	3,810,282
Diluted	4,999,180	4,920,544	4,996,897	3,810,282
Comprehensive Income
Net income	$ 744	$ 634	$ 1,972	$ 2,062
Reclassification adjustment for realized gains included in net income, net of income taxes of $0 for the nine months and three months ended September 30, 2017, respectively and $79 and $0 for the nine months and three months ended September 30, 2016, respectively				(127)
Unrealized gains/(losses) on securities, net of income taxes of $524 and $(63) for the nine months and three months ended September 30, 2017, respectively, and $390 and $63 for the nine months and three months ended September 30, 2016, respectively	(101)	165	845	1,021
Comprehensive income	$ 643	$ 799	$ 2,817	$ 2,956

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities
Net income	$ 1,972	$ 2,062
Adjustments to reconcile net income to net cash from operating activities
Depreciation	488	457
Amortization on securities, net	455	616
Core deposit intangible amortization	105	105
Provision for/(reversal of provision for) loan losses	55	(903)
Funding of mortgage loans held for sale	(6,597)	(5,018)
Proceeds from sales of loans held for sale	7,084	4,946
Gains on sales of loans held for sale	(165)	(139)
(Increase)/decrease in accrued interest receivable	(8)	81
(Decrease)/increase in accrued interest payable	(24)	68
Increase in surrender value of bank owned life insurance	(204)	(190)
Gain on sale of securities		(206)
Gain on sale of fixed assets	(13)
Net loss on other real estate owned	461	108
Other, net	1,133	1,295
Net cash provided from operating activities	4,742	3,282
Purchases:
Mortgage-backed securities	(7,850)	(22,463)
Other	(2,145)
Sales:
Mortgage-backed securities		46,476
Maturities, prepayments, and calls:
Mortgage-backed securities	7,296	10,931
Other		1,010
Net increase in loans	(420)	(37,806)
Proceeds from sales of other real estate owned	1,810	2,663
Proceeds from sale of premises and equipment	484
Decrease/(increase) in time deposits in other financial institutions	1,239	(743)
Purchase of premises and equipment	(69)	(131)
Net cash provided from/(used in) investing activities	345	(63)
Cash flows from financing activities
Net (decrease)/increase in deposits	(692)	2,002
Proceeds from issuance of common stock	9	9
Proceeds from issuance of common stock through stock offering, net of issuance costs		30
Cash paid for preferred stock dividends		(97)
Cash paid in repayment of other borrowed money	(241)
Net cash (used in)/provided from financing activities	(924)	1,944
Net increase in cash and cash equivalents	4,163	5,163
Cash and cash equivalents at beginning of period	24,934	19,387
Cash and cash equivalents at end of period	29,097	24,550
Supplemental disclosures of cash flow information Cash paid during year for:
Interest	2,033	2,006
Income taxes paid	162	$ 59
Loans transferred to other real estate owned	$ 109

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Cash and due from financial institutions	$ 29,097	$ 24,934
Time deposits in other financial institutions	23,558	24,797
Securities available for sale, at fair value	72,820	69,207
Loans held for sale, at fair value	231	561
Loans	315,874	315,483
Allowance for loan losses	(3,892)	(3,757)
Net loans	311,982	311,726
Restricted equity securities, at cost	1,727	1,727
Premises and equipment, net	10,488	11,378
Accrued interest receivable	1,130	1,122
Core deposit and customer relationship intangibles, net	699	804
Other real estate owned, net	2,535	4,697
Bank owned life insurance	10,593	10,389
Other assets	11,864	13,169
Total Assets	476,724	474,511
Deposits
Noninterest-bearing	81,337	78,813
Interest-bearing	341,378	344,594
Total Deposits	422,715	423,407
Subordinated debentures	13,000	13,000
Other borrowed money	3,759	4,000
Accrued interest payable	427	451
Other liabilities	3,570	3,409
Total Liabilities	443,471	444,267
Shareholders’ Equity
Common stock, no par value; 10,000,000 shares authorized; 5,025,884 shares issued and outstanding at September 30, 2017 and 4,998,788 shares issued and outstanding at December 31, 2016.	43,189	42,997
Accumulated deficit	(7,934)	(9,906)
Accumulated other comprehensive loss, net	(2,002)	(2,847)
Total Shareholders' Equity	33,253	30,244
Total Liabilities and Shareholders’ Equity	$ 476,724	$ 474,511