POST FALLS, Idaho--(BUSINESS WIRE)--Community 1st Bank (OTCPink: CMYF) reported net income of $179,846 or $0.24 per share for the second quarter of 2017, which is a 40.2% increase from the same period in the prior year. Year to date earnings were $300,667, which was accomplished with the addition of a new office located in Downtown Coeur d’Alene. Total assets at June 30, 2017 were $115.7 million, an increase of $7.0 million or 6.40% from June 2016. This increase in assets was driven by an $11.3 million or 18.9% increase in loans, which totaled $71.6 million, up from $60.3 million as of June 30, 2016. The bank continues to manage funding costs by growing deposits which were $102.9 million at June 30, 2017 and increase of $7.0 million or 6.67% from the prior year. Tangible book value per share increased $0.53 to $10.93 as of period end compared to $10.40 as of June 30, 2016.
“We are thankful for the exceptional year 2017 has been so far. We had a great opportunity to expand into the downtown Coeur d’Alene market and opened our new office in February 2017. I am especially proud of the fact that this expansion expense has been fully absorbed as our earnings in the current year are slightly higher than the prior year. I am pleased with the business development progress we have made and also our outstanding employees’ continued involvement supporting our community. We don’t have deep pockets but we do have a team of dedicated and tireless employees who give generously of their time and talent with over 1,600 hours year-to-date of volunteer service to our community!” said Dave Bobbitt, Chairman and CEO for the bank.
Second Quarter and 2017 Highlights:
Book value per share was $10.93, an increase of $0.20 from the prior quarter.
• Loans grew 10.73% to $71.6 million, an increase of $10.73% from $64.7 million as of March 31, 2017.
• Return on equity increased to 5.98% from 4.49% in the first quarter 2017.
• Assets increased $1.3 million from March 2017.
• Allowance for loan losses was 1.27% of loans.
• Capital ratios continue to exceed regulatory requirements, Tier 1 leverage ratio was 10.62%.
• For 27 consecutive quarters, Community 1st Bank was awarded a 5-star rating, 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