POST FALLS, Idaho--(BUSINESS WIRE)--Community 1st Bank (OTCPink: CMYF) reported net income of $259,906 or $0.23 per share for the first quarter of 2018 compared to $0.11 from the same period in the prior year, which is a 115.1% increase in net income. Total assets at March 31, 2018 were $129.4 million, an increase of $15.1 million or 13.17% from March 31, 2017. This increase in assets was driven by a $11.4 million or 17.71% increase in loans, which totaled $76.1 million, up from $64.7 million as of March 31, 2017. The bank continues to manage funding costs by growing deposits which were $115.3 million at March 31, 2018 an increase of $13.4 million or 13.19% from the prior year. We continue to have exceptional credit quality with no non-performing assets or loans. Tangible book value per share increased $0.69 to $11.43 as of period end compared to $10.74 as of March 31, 2017.
“2018 has started off strong 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 8 consecutive years of being ’5‘ STAR rated by Bauer Financial, an independent, nationally recognized, bank rating agency. Our Sherman location is now open, effective March 31, 2018, as a full service branch and contributes to earnings while absorbing the continued expansion expense. 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 462 hours of community service from our employees during the first quarter of 2018,” said Dave Bobbitt, Chairman and CEO for the bank.
First Quarter Highlights:
Book value per share was $11.43, an increase of $0.18 from the prior quarter.
• Deposits grew to $115.3 million, an increase of 5.09% from $109.7 million as of December 31, 2017.
• Return on equity for the first quarter increased to 7.96% from 7.50% from the fourth quarter 2017.
• Allowance for loan losses was 1.43% of loans, up from 1.36% as of the end of the prior quarter.
• Capital ratios continue to exceed regulatory requirements, Tier 1 leverage ratio was 10.42%.
• For 30 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.