Community 1st Bank posts record earnings for 2014

POST FALLS - Community 1st Bank reported an almost 40 percent increase in income for the fourth quarter of 2014.

This increase amounts to $166,930 or 16 cents per share, a 39.2 percent increase compared to $119,903 or 11 cents per share for the fourth quarter of 2013.

For the year, the bank reported earnings of $657,348 (63 cents per share), increased from $353,716 (34 cents per share) in 2013, reflecting a year-over-year improvement of 86 percent.

Likewise, total assets on Dec. 31, 2014 were $94.0 million - from $85.9 million in 2013, representing an increase of 9.4 percent from the prior year - contributing to the record high performance of the bank.

"Our earnings at year-end of $637,348 are indicative of our continued commitment to serve and support our communities in Kootenai County at the highest level of performance," said David Bobbitt, chief executive officer and chairman of the board. "I know I can speak for our board in saying that we are extremely pleased with the consistently strong gains in loans, deposits and, ultimately, in market share that we have seen in 2014."

Total loans for the current quarter increased 1.8 percent to $58.1 million with total deposits remaining relatively unchanged at $83 million.

For the year, total loans at $58.1 million reflect growth of 10 percent more than the prior year.

"This solid achievement in real loan growth is a direct result of our team focusing their time, energy and expertise in helping our customers achieve their financing needs," Bobbitt said.

The bank finished the year with a strong showing in credit quality where the ratio of non-performing to total assets decreased to .2 percent from .93 percent at year-end 2013.

"The combination of strong loan growth while achieving a similarly significant improvement in non-performing loans is testament to our ongoing effort to serve our loan customers best through the development and encouragement of long-lasting relationships," said Jerry Lyon, president, chief operating officer and chief credit officer.

Community 1st Bank, based in Post Falls, has branches in Post Falls and Coeur d'Alene.