Profile: Community First Bancshares Inc (CFBI.OQ)
22 Mar 2019
Community First Bancshares, Inc. is formed to serve as the mid-tier holding company for Newton Federal Bank (the Bank). Newton Federal Bank is a federally chartered savings association. The Bank operates through two branch offices and a loan production office.
The Bank’s lending activities is originating one-to four-family residential real estate loans, commercial real estate loans, commercial and industrial loans, construction and land loans, and consumer loans. The Bank also originates multi-family residential real estate loans and home equity loans and lines of credit. It originates fixed-rate residential mortgage loans, including loans with balloon terms. The Bank’s one-to four-family residential real estate loans typically have terms of up to 30 years and balloon loans generally have terms of five or seven years. The Bank’s commercial real estate loans are secured primarily by one-to four-family non-owner occupied investment properties and houses of worship and, to a lesser extent, office buildings, industrial facilities and retail facilities. It makes commercial and industrial loans to a variety of professionals, sole proprietorships and small businesses. Commercial lending products include term loans and revolving lines of credit.
The Bank makes construction loans, primarily to individuals for the construction of their primary residences and loans to contractors and builders of single-family homes. It also originates construction loans for commercial development projects, including retail buildings, churches, small industrial, hotels and office buildings. The Bank offers a limited range of consumer loans, principally to customers residing in its primary market area and with acceptable credit ratings. Its consumer loans generally consist of loans secured by deposit accounts, loans on new and used automobiles and unsecured personal loans. At September 30, 2016, the Bank had 472,000 of loans held for sale, 4.2 million of loans in process and 289,000 of deferred loan fees.
The Bank invests in short-term and other investments, including the United States government securities. Its investment policy permits, with certain limitations: investments in the United States Treasury securities; securities issued by the United States government and its agencies or government sponsored enterprises, including mortgage-backed securities and collateralized mortgage obligations (CMO); corporate and municipal bonds; certificates of deposit in other financial institutions; federal funds and money market funds. At September 30, 2016, the Bank’s investment portfolio consisted of securities and obligations issued by the United States government-sponsored enterprises or the Federal Home Loan Bank of Atlanta.
Sources of Funds
Deposits are the Bank’s primary source of funds for use in lending and investment activities. It offers a selection of deposit accounts, including savings accounts, checking accounts, certificates of deposit and individual retirement accounts. As of September 30, 2016, the Bank had a 58 million line of credit with the Federal Home Loan Bank of Atlanta. The Bank also has two unsecured federal funds line of credit, in the amounts of 5.0 million and 7.5 million.
Community First Bancshares Inc
3175 Highway 278
COVINGTON GA 30014