COMMUNITY FIRST BANCORP Files SEC form 10-Q, Quarterly Report

Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations (Dollar amounts, except per share data, are in thousands) Changes in Financial Condition During the first nine months of 2009, the Company focused its efforts on monitoring the performance of its portfolio of loans outstanding and maintaining contact with its loan and deposit customers. For the 2009 nine month period, loans decreased by $688, or .3%, securities available-for-sale increased by $21,429, or 16.9%, and securities held-to-maturity decreased by $2,320. Federal funds sold decreased by $18,793, or 100.0%. The potential for growth in loans outstanding during the first nine months of 2009 was constrained by several factors. Economic conditions in the Company's market area deteriorated significantly, primarily as a result of ongoing reductions in real estate values both locally and nation-wide. Those lower values have resulted, and are continuing to result, in a significant contraction in the amount of "lendable margin" available to potential borrowers. When collateral is required to be provided as a condition to the Company engaging in a loan transaction with a borrower, the borrower generally is expected to have or establish an equity interest in the collateral. The extent of the bank's interest in the collateral, or "lendable margin," may vary depending on the other terms and conditions of the loan, the borrower's financial condition and other factors. However, the Company has generally established certain percentage levels of the collateral value at the time the loan is made as the amount of the required "lendable margin." Recently, as the value of real estate has generally fallen in the Company's market area, collateral values have fallen to levels that may be less than the amount owed on the loans. Furthermore, lower real estate values decr...
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COMMUNITY FIRST BANCORP Financials

PERIOD ENDING30-Jun-0931-Mar-0931-Dec-0830-Sep-08Total Revenue6,613  6,354  6,550  6,873  Cost of Revenue2,747  2,909  3,000  2,906  Gross Profit3,866  3,445  3,550  3,967  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative2,314  2,002  2,478  1,853  Non Recurring -   -   -   -  Others812  845  2,934  1,053  Total Operating Expenses -   -   -   -  Operating Income or Loss740  598  (1,863)1,061  Income from Continuing OperationsTotal Other Income/Expenses Net -   -   -   -  Earnings Before Interest And Taxes740  598  (1,863)1,061  Interest Expense91  91  93  100  Income Before Tax649  507  (1,956)961  Income Tax Expense160  93  (785)252  Minority Interest -   -   -   -  Net Income From Continuing Ops489  414  (1,172)709  Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -   -  Effect Of Accounting Changes -   ...
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COMMUNITY FIRST BANCORP Files SEC form 10-Q, Quarterly Report

Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations (Dollar amounts, except per share data, are in thousands) Changes in Financial Condition During the first six months of 2009, the Company focused its efforts on monitoring the performance of its portfolio of loans outstanding and maintaining contact with its loan and deposit customers. Loans outstanding as of June 30, 2009 are $2,832 more than the December 31, 2008 amount. Securities available-for-sale increased by $13,179, or 10.4%, during the 2009 six-month period. Many issuers of fixed-rate securities continue to refinance their outstanding obligations because of the currently available lower interest rates. As a result, almost $85,000 of the Company's securities holdings were redeemed early during the first six months of 2009 and the Company purchased more than $103,000 of securities during the 2009 year-to-date period. Federal funds sold decreased by $18,793, or 100%, since the end of 2008. During the fourth quarter of 2008, the Federal Reserve Bank began paying interest on required reserve balances held by banks. Additionally, a correspondent bank which previously was utilized as the Bank's primary clearing bank, and which was the counterparty for most of the Company's federal funds sold, was placed in receivership by government regulators. While that event resulted in no loss to the Company, it created a need for the Company to identify, contract with, and establish internal procedures for new vendors to provide clearing and other banking services. Continued deterioration of real estate loans resulted in the Company's foreclosing and taking possession of several properties during the first six months of 2009. As of June 30, 2009, the Company's holdings of foreclosed real properties totaled $1,902 comprising 11 properties. Two of the real properties, with carrying am...
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COMMUNITY FIRST BANCORP Files SEC form 8-K, Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Financia

Show all filings for COMMUNITY FIRST BANCORP | Request a Trial to NEW EDGAR Online Pro Form 8-K for COMMUNITY FIRST BANCORP 22-Jun-2009Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Financia Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information p...
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COMMUNITY FIRST BANCORP Files SEC form 10-Q, Quarterly Report

Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations Changes in Financial Condition During the first three months of 2009, the Company invested heavily in securities available-for-sale. Securities purchased were composed of approximately $63,000,000 of debt obligations of government-sponsored enterprises and approximately $9,000,000 of mortgage-backed securities issued by government-sponsored enterprises. Approximately $36,000,000 of securities were called during the three-month period and sales approximated $2,000,000. The $34,000,000 net increase in securities available-for-sale during the period was financed principally by reducing the amounts of cash and cash equivalents held from $40,966,000 as of December 31, 2008 to $10,777,000 as of March 31, 2009. Interest rates associated with holdings of federal funds sold, reserve balances held at the Federal Reserve bank and other short-term earning assets were extremely low during the 2009 period because continuing central bank efforts to stabilize credit markets and restore confidence in the financial system generally took the form of lowering interest rates. However, the Federal Reserve announced recently that it would change its principal strategy in the short-term to one of "quantitative easing," or increasing the money supply principally by repurchasing U. S. Treasury or other debt obligations, primarily from banks and other financial intermediaries. Loan demand during the 2009 three-month period was comparatively weak and loans outstanding increased by only $5,200,000, or 1.9%. Deposits increased $7,144,000, or 1.7%, during the period. Results of Operations The Company recorded consolidated net income of $414,000 or $.12 per share for the first quarter of 2009 compared with $960,000, or $.27 per share for the first quarter of 2008. Net income per share, assuming diluti...
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COMMUNITY FIRST BANCORP Files SEC form 10-K, Annual Report

Show all filings for COMMUNITY FIRST BANCORP | Request a Trial to NEW EDGAR Online Pro Form 10-K for COMMUNITY FIRST BANCORP 31-Mar-2009Annual Report Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended fo...
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COMMUNITY FIRST BANCORP Files SEC form 8-K, Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Financia

Show all filings for COMMUNITY FIRST BANCORP | Request a Trial to NEW EDGAR Online Pro Form 8-K for COMMUNITY FIRST BANCORP 9-Feb-2009Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Financia Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information p...
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COMMUNITY FIRST BANCORP Files SEC form 10-Q, Quarterly Report

Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations Changes in Financial Condition The Company has been affected by the recent events in the financial and credit markets primarily in the following ways: depositors who previously left funds in excess of federal deposit insurance limits in a single bank have been less prone to do so; and pricing anomalies have arisen in the securities marketplace and, we believe, have provided opportunities for those with sufficient financial mettle to realize outsized returns stemming from the pessimism of others. We experienced both deposit inflows and outflows due to customers seeking to maximize deposit insurance coverage for their accounts. Because there are other larger banks in our market area, we were a net recipient of funds from this source. In early October 2008 the Federal Deposit Insurance Corporation ("FDIC") temporarily increased deposit insurance coverage to $250,000 per account. The temporary increase is currently set to expire on December 31, 2009. The Company expects that its expenses for deposit insurance coverage will increase significantly during the period of higher deposit insurance limits. The unwillingness or inability of others to lend to those we believe to be creditworthy allowed us to increase loans during the 2008 third quarter while adhering to our normal, conservative underwriting standards. We repositioned our portfolio of available-for-sale investment securities to capture higher yields that were available primarily on mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Furthermore, we eliminated from our portfolio any adjustable rate mortgage-backed securities. At the end of the third quarter of 2008, the yield of the Company's mortgage-backed securities invest...
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