POST FALLS, Idaho--(BUSINESS WIRE)-- Community 1st Bank (OTCPink: CMYF) reported net income of $203,700 or $0.18 per share for the third quarter of 2017 compared to $0.14 from the same period in the prior year, which is a 27.6% increase. Year to date earnings were $504,139 or $0.45 per share, an increase of $44,597 from the prior year earnings of $459,541 or $0.42 per share. Total assets at September 30, 2017 were $124.2 million, an increase of $17.9 million or 16.8% from September 2016. This increase in assets was driven by a $14.4 million or 22.5% increase in loans, which totaled $78.6 million, up from $64.2 million as of September 30, 2016. The bank continues to manage funding costs by growing deposits which were $110.7 million at September 30, 2017 and increase of $16.8 million or 17.7% from the prior year. We continue to have exceptional credit quality with no non-performing assets or loans more than 30 days past due. Tangible book value per share increased $0.50 to $11.05 as of period end compared to $10.55 as of September 30, 2016.
“2017 has continued to be an exceptional year with our continued organic growth. We have stuck to our founding principles of ‘Doing the Right Thing’ and taking great care of our customers in this competitive market. This effort is strongly reflected by our 7 consecutive years of being ‘5’ STAR rated by Bauer Financial, an independent, nationally recognized, bank rating agency. We couldn’t be more pleased with the opportunities our new Sherman location has brought, while still continuing to grow earnings while absorbing the expansion expense. Business development has continued to be strong through our employees’ contributions in our community through volunteerism,” said Dave Bobbitt, Chairman and CEO for the bank.
Third Quarter and 2017 Highlights:
Book value per share was $11.05, an increase of $0.12 from the prior quarter.
• Loans grew to $78.6 million, an increase of 9.72% from $71.6 million as of June 30, 2017.
• Return on equity for the third quarter increased to 6.74% from 5.62% in the second quarter 2017.
• Assets increased $8.6 million from June 2017.
• Allowance for loan losses was 1.25% of loans.
• Capital ratios continue to exceed regulatory requirements, Tier 1 leverage ratio was 10.42%.
• For 28 consecutive quarters, Community 1st Bank was awarded a 5-star rating in December 2010, the highest available, from independent banking rating agency BauerFinancial.
Community 1st Bank remains focused on growing the bank in a safe and compliant manner while providing great service to our customers, supporting the growth of our employees and providing a good return to our shareholders.
www.com1stbankid.com or call (208) 667-6060 Coeur d’ Alene or (208) 457-9610 Post Falls
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Community 1st Bank
David Bobbitt, 208-667-6060
Chairman and CEO
Source: Community 1st Bank