Community First Banking Company Announces First Quarter Results

Apr 27, 2001, 01:00 ET from Community First Banking Company

    CARROLLTON, Ga., April 27 /PRNewswire/ --
 Community First Banking Company (Nasdaq:   CFBC) today reported earnings of
 $1,304,000 or $.45 basic earnings per share or $.44 per fully diluted share
 for the first quarter of 2001.  Comparative reported earnings for 2000 were
 $1,234,000 or $.45 basic earnings per share or $.42 per fully diluted share
 for the first quarter of 2000.  The results for 2001 reflect a one-time charge
 against income, net of tax, of $68,000 related to the adoption of Statement of
 Financial Standards "SFAS" No. 133, "Accounting for Derivative Instruments and
 Hedging Activities".
     Total assets as of March 31, 2001 were $399,644,000, an increase of
 $5,138,000 over year-end 2000.  For the first quarter of 2001, return on
 average assets and return on average equity were 1.31% and 16.33%,
 respectively.  Comparative operating results for the same period in 2000 were
 a return on average assets of 1.28% and a return on average equity of 18.30%.
     Gary D. Dorminey, President and Chief Executive Officer of Community First
 Banking Company, commented, "We are pleased to report another record quarter
 of earnings to our shareholders.  Results for the first quarter of 2001 are up
 6% over last year's first quarter earnings."
     In commenting on the pending merger of First Deposit/Douglas Federal Bank,
 Mr. Dorminey continued, "The preparations for a seamless merger of the First
 Deposit operations into our organization are going very well.  As we get
 closer to the planned merger date of May 18, 2001, the benefits of the
 combination to our shareholders and the communities we serve become more
 apparent."
     Community First Banking Company has and will continue to make purchases of
 its stock in the open market to fund the stock portion of the merger.  A
 maximum of 723,675 shares of Community First common stock will be issued to
 First Deposit shareholders in connection with the merger.
     Community First Banking Company is the holding company for Community First
 Bank, headquartered in Carrollton, Georgia.  Community First Bank operates
 seven full service branch offices in the West Georgia/West Metro Atlanta area.
 Other subsidiaries of the bank include a consumer finance company, an
 insurance agency and full service brokerage company.  Community First Banking
 Company's common stock trades on the Nasdaq National Market under the symbol
 CFBC.
     The results for the first quarter 2001 are unaudited and therefore are
 subject to adjustment.  Any statements of future operating results constitute
 forward-looking statements (within the meaning of the Private Securities
 Litigation Reform Act of 1995) and are subject to risks and uncertainties that
 could cause actual results to differ materially.  Factors that might cause
 such a difference include, but are not limited to, general economic
 conditions, changes in interest rates, regulatory considerations, competition
 and technological developments.
 
 
                          COMMUNITY FIRST BANKING COMPANY
                            Consolidated Balance Sheets
                             (in thousands of dollars)
 
                                                     March 31,    December 31,
                                                       2001            2000
          Assets                                           In Thousands
 
     Cash and due from banks                            8,034          6,885
     Interest-bearing deposits in
      financial institutions                            1,768            533
     Federal funds sold                                14,274            200
      Cash & cash equivalents                          24,076          7,618
     Securities available for sale                     44,550         58,889
     Securities held to maturity                          164            167
     Other investments                                  2,315          3,112
     Mortgage loans held for sale                          56             57
     Loans, net                                       311,514        308,007
     Premises and equipment net                         8,084          8,004
     Accrued interest receivable                        3,136          3,537
     Other real estate and repossessions                  633            474
     Other assets                                       5,116          4,641
 
       Total assets                                   399,644        394,506
 
         Liabilities and Stockholders' Equity
     Deposits:
      Demand                                           15,160         14,508
      Interest-bearing demand                          58,707         52,873
      Savings                                          27,549         26,281
      Time                                            150,831        146,841
      Time, over $100,000                              64,862         71,728
 
       Total deposits                                 317,109        312,231
     Note payable and other borrowings                 46,479         45,245
     Federal funds purchased                              136            903
     Accrued interest payable and other liabilities     5,322          4,431
       Total liabilities                              369,046        362,810
 
     Stockholders' Equity:
      Common stock, $.01 par, 10,000,000
       authorized, 3,282,054 issued                        33             33
      Additional paid in capital                       10,846         10,846
      Retained earnings                                29,810         29,074
      Treasury stock at cost (444,596 shares)          (9,215)        (6,666)
      Accumulated other comprehensive income
       and (loss)                                        (876)        (1,591)
       Total stockholders' equity                      30,598         31,696
     Total liabilities & stockholders' equity         399,644        394,506
 
      Net                                                 ---            ---
 
 
                          COMMUNITY FIRST BANKING COMPANY
                         Consolidated Statement of Earnings
                                    (Unaudited)
                             (In thousands of dollars)
 
                                                         Three Months Ended
                                                             March 31,
                                                        2001           2000
     Interest income:
      Interest and fees on loans                        7,612          6,856
      Interest-bearing deposits and federal funds sold    160             32
      Interest and dividends on investment securities:
       U.S. Govt. agency and mortgage-backed              741          1,044
       State, county & municipals                           1              1
       Other                                               63             81
         Total interest income                          8,577          8,014
     Interest Expense:
 
      Interest on deposits:
       Demand                                             333            298
       Savings                                            134            150
       Time                                             3,344          2,665
                                                        3,811          3,113
     Interest on note payable and other borrowings        590            917
         Total interest expense                         4,401          4,030
         Net interest income                            4,176          3,984
     Provision for loan losses                            212            234
         Net interest income after provision
          for loan losses                               3,964          3,750
     Noninterest income:
      Service charges on deposits                         568            506
      Gain (Loss) on calls and sales of
       securities available for sale                       16             (7)
      Insurance commissions                               179            212
      Miscellaneous                                       311            286
         Total noninterest income                       1,074            997
     Noninterest expenses:
      Salaries and employee benefits                    1,709          1,682
      Occupancy and equipment                             312            325
      Deposit insurance premiums                           15             15
      Other operating                                     897            906
         Total noninterest expense                      2,933          2,928
         Earnings before income taxes                   2,105          1,819
     Income tax expense                                   733            585
         Net earnings before extraordinary items        1,372          1,234
     Cumulative effect of change in accounting
      principle net of tax                                 68            ---
 
         Net earnings                                   1,304          1,234
 
      Basic earnings per share                           0.45           0.45
      Diluted earnings per share                         0.44           0.42
 
      Dividends per common share                         0.20         0.1725
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X89335078
 
 

SOURCE Community First Banking Company
    CARROLLTON, Ga., April 27 /PRNewswire/ --
 Community First Banking Company (Nasdaq:   CFBC) today reported earnings of
 $1,304,000 or $.45 basic earnings per share or $.44 per fully diluted share
 for the first quarter of 2001.  Comparative reported earnings for 2000 were
 $1,234,000 or $.45 basic earnings per share or $.42 per fully diluted share
 for the first quarter of 2000.  The results for 2001 reflect a one-time charge
 against income, net of tax, of $68,000 related to the adoption of Statement of
 Financial Standards "SFAS" No. 133, "Accounting for Derivative Instruments and
 Hedging Activities".
     Total assets as of March 31, 2001 were $399,644,000, an increase of
 $5,138,000 over year-end 2000.  For the first quarter of 2001, return on
 average assets and return on average equity were 1.31% and 16.33%,
 respectively.  Comparative operating results for the same period in 2000 were
 a return on average assets of 1.28% and a return on average equity of 18.30%.
     Gary D. Dorminey, President and Chief Executive Officer of Community First
 Banking Company, commented, "We are pleased to report another record quarter
 of earnings to our shareholders.  Results for the first quarter of 2001 are up
 6% over last year's first quarter earnings."
     In commenting on the pending merger of First Deposit/Douglas Federal Bank,
 Mr. Dorminey continued, "The preparations for a seamless merger of the First
 Deposit operations into our organization are going very well.  As we get
 closer to the planned merger date of May 18, 2001, the benefits of the
 combination to our shareholders and the communities we serve become more
 apparent."
     Community First Banking Company has and will continue to make purchases of
 its stock in the open market to fund the stock portion of the merger.  A
 maximum of 723,675 shares of Community First common stock will be issued to
 First Deposit shareholders in connection with the merger.
     Community First Banking Company is the holding company for Community First
 Bank, headquartered in Carrollton, Georgia.  Community First Bank operates
 seven full service branch offices in the West Georgia/West Metro Atlanta area.
 Other subsidiaries of the bank include a consumer finance company, an
 insurance agency and full service brokerage company.  Community First Banking
 Company's common stock trades on the Nasdaq National Market under the symbol
 CFBC.
     The results for the first quarter 2001 are unaudited and therefore are
 subject to adjustment.  Any statements of future operating results constitute
 forward-looking statements (within the meaning of the Private Securities
 Litigation Reform Act of 1995) and are subject to risks and uncertainties that
 could cause actual results to differ materially.  Factors that might cause
 such a difference include, but are not limited to, general economic
 conditions, changes in interest rates, regulatory considerations, competition
 and technological developments.
 
 
                          COMMUNITY FIRST BANKING COMPANY
                            Consolidated Balance Sheets
                             (in thousands of dollars)
 
                                                     March 31,    December 31,
                                                       2001            2000
          Assets                                           In Thousands
 
     Cash and due from banks                            8,034          6,885
     Interest-bearing deposits in
      financial institutions                            1,768            533
     Federal funds sold                                14,274            200
      Cash & cash equivalents                          24,076          7,618
     Securities available for sale                     44,550         58,889
     Securities held to maturity                          164            167
     Other investments                                  2,315          3,112
     Mortgage loans held for sale                          56             57
     Loans, net                                       311,514        308,007
     Premises and equipment net                         8,084          8,004
     Accrued interest receivable                        3,136          3,537
     Other real estate and repossessions                  633            474
     Other assets                                       5,116          4,641
 
       Total assets                                   399,644        394,506
 
         Liabilities and Stockholders' Equity
     Deposits:
      Demand                                           15,160         14,508
      Interest-bearing demand                          58,707         52,873
      Savings                                          27,549         26,281
      Time                                            150,831        146,841
      Time, over $100,000                              64,862         71,728
 
       Total deposits                                 317,109        312,231
     Note payable and other borrowings                 46,479         45,245
     Federal funds purchased                              136            903
     Accrued interest payable and other liabilities     5,322          4,431
       Total liabilities                              369,046        362,810
 
     Stockholders' Equity:
      Common stock, $.01 par, 10,000,000
       authorized, 3,282,054 issued                        33             33
      Additional paid in capital                       10,846         10,846
      Retained earnings                                29,810         29,074
      Treasury stock at cost (444,596 shares)          (9,215)        (6,666)
      Accumulated other comprehensive income
       and (loss)                                        (876)        (1,591)
       Total stockholders' equity                      30,598         31,696
     Total liabilities & stockholders' equity         399,644        394,506
 
      Net                                                 ---            ---
 
 
                          COMMUNITY FIRST BANKING COMPANY
                         Consolidated Statement of Earnings
                                    (Unaudited)
                             (In thousands of dollars)
 
                                                         Three Months Ended
                                                             March 31,
                                                        2001           2000
     Interest income:
      Interest and fees on loans                        7,612          6,856
      Interest-bearing deposits and federal funds sold    160             32
      Interest and dividends on investment securities:
       U.S. Govt. agency and mortgage-backed              741          1,044
       State, county & municipals                           1              1
       Other                                               63             81
         Total interest income                          8,577          8,014
     Interest Expense:
 
      Interest on deposits:
       Demand                                             333            298
       Savings                                            134            150
       Time                                             3,344          2,665
                                                        3,811          3,113
     Interest on note payable and other borrowings        590            917
         Total interest expense                         4,401          4,030
         Net interest income                            4,176          3,984
     Provision for loan losses                            212            234
         Net interest income after provision
          for loan losses                               3,964          3,750
     Noninterest income:
      Service charges on deposits                         568            506
      Gain (Loss) on calls and sales of
       securities available for sale                       16             (7)
      Insurance commissions                               179            212
      Miscellaneous                                       311            286
         Total noninterest income                       1,074            997
     Noninterest expenses:
      Salaries and employee benefits                    1,709          1,682
      Occupancy and equipment                             312            325
      Deposit insurance premiums                           15             15
      Other operating                                     897            906
         Total noninterest expense                      2,933          2,928
         Earnings before income taxes                   2,105          1,819
     Income tax expense                                   733            585
         Net earnings before extraordinary items        1,372          1,234
     Cumulative effect of change in accounting
      principle net of tax                                 68            ---
 
         Net earnings                                   1,304          1,234
 
      Basic earnings per share                           0.45           0.45
      Diluted earnings per share                         0.44           0.42
 
      Dividends per common share                         0.20         0.1725
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X89335078
 
 SOURCE  Community First Banking Company