POST FALLS, Idaho--(BUSINESS WIRE)--Community 1st Bank (OTCPink: CMYF) reported net income of $254,696 or $0.22 per share for the fourth quarter of 2017 compared to $0.13 from the same period in the prior year, which is a 78.1% increase in net income. Year to date earnings were $758,834 or $0.67 per share, an increase of $156,268 from the prior year earnings of $602,566 or $0.55 per share, which is a 25.9% increase. Total assets at December 31, 2017 were $123.5 million, an increase of $19.7 million or 19.0% from December 2016. This increase in assets was driven by a $9.8 million or 14.75% increase in loans, which totaled $76.2 million, up from $66.4 million as of December 31, 2016. The bank continues to manage funding costs by growing deposits which were $109.7 million at December 31, 2017 an increase of $18.2 million or 19.9% from the prior year. We continue to have exceptional credit quality with no non-performing assets or loans. Tangible book value per share increased $0.62 to $11.25 as of period end compared to $10.63 as of December 31, 2016.
“2017 has continued to be an exceptional year with continued organic growth throughout our community footprint! 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 where we have been able to contribute to earnings while absorbing the expansion expense. We have received our full service charter and will be opening our downtown loan production office to a full service branch on March 1, 2018. Our commitment to the community has continued to be strong through our employees’ contributions to our community through volunteerism as reflected in the total of 3,524 hours of community service from our employees during 2017,” said Dave Bobbitt, Chairman and CEO for the bank.
Fourth Quarter and 2017 Highlights:
Book value per share was $11.25, an increase of $0.20 from the prior quarter.
• Loans grew to $76.2 million, an increase of 14.75% from $66.4 million as of December 31, 2017.
• Return on equity for the fourth quarter increased to 7.50% from 6.51% in the third quarter 2017.
• Allowance for loan losses was 1.36% of loans, up from 1.25% as of the end of the prior quarter.
• Capital ratios continue to exceed regulatory requirements, Tier 1 leverage ratio was 10.23%.
• For 29 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