Movers and shakers

Community 1st Bank earns $128,272 in second quarter

Community 1st Bank announced its second quarter earnings.

The bank, with branches in Coeur d’Alene and Post Falls, reported net income of $128,272 or $0.12 per share for the second quarter of 2016, which is comparable to the same period in the prior year.

Year-to-date earnings were $299,876, which was an increase of 28.34 percent from the prior year. Total assets at June 30, 2016, were $108.7 million, an increase of $13.6 million or 14.33 percent from June 2015. This increase in assets was largely driven by a $7 million increase in non-interest bearing deposits, which has significantly reduced the bank’s total cost of funds.

“As always, our strategic focus, since our inception in 2007, has been to continue to recognize and serve the businesses and residents of Kootenai County to the very best of our ability,” said Dave Bobbitt, the bank’s chairman and CEO. “Our core strength remains centered in the community focused efforts of ‘Doing the Right Thing’ in our communities. This is best represented by the over 1,500 personal hours our teams have given back throughout our market area.”

Bobbitt said the bank’s third quarter offers even greater promise for customers as they look to open a new loan production office at 504 E. Sherman Ave. in Coeur d’Alene.

Second quarter and 2016 highlights:

Book value per share was $10.40, an increase of $0.13 from the prior quarter.

• Total assets grew 6.19 percent to $108.7 million as compared to $102.4 million as of March 31, 2016.

• Return on equity for the year increased to 5.30 percent from 4.39 percent a year ago.

• The net interest margin increased to 3.65 percent from 3.55 percent in the prior year.

• Allowance for loan losses was 1.35 percent of loans.

• Capital ratios continue to exceed regulatory requirements, Tier 1 leverage ratio was 10.94 percent.

• Efficiency ratio improved to 77.08 percent during Q2 2016 from 80.31 percent for the same period in the prior year.

• For 23 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.

For more information visit www.com1stbankid.com or call (208) 635-7171 Coeur d’Alene or (208) 457-9610 Post Falls

Tymesen earns Premier Advisor designation

Jan Tymesen, Senior Financial Advisor, CFP, AAMS, has earned the distinction of Premier Advisor with Wells Fargo Advisors.

Tymesen is among a select group of Financial Advisors who meet or exceed Wells Fargo Advisors’ high standards as measured by one or more of the firm’s criteria for revenue generation, educational attainment, and client-service best practices.

Idaho Independent Bank announced it has received the highest possible rating for its Community Reinvestment Act performance. The “Outstanding” rating given by the Federal Deposit Insurance Corporation covers the period from Jan. 22, 2013, to March 28, 2016.

Passed by Congress in 1977, the CRA was established to measure banks’ lending, investments, and services to low- and moderate-income neighborhoods and individuals. On average, only 2 percent of FDIC banks achieve this honor.

During the evaluation period, IIB made more than $18 million in qualified investments and donations. Additionally, IIB employees volunteered 2,305 service hours to 31 organizations dedicated to promoting affordable housing, community development services, economic development, and the revitalization of low- and moderate-income areas.

If you have a new, relocated or expanded business, or announcement of events, promotions or awards, The Press wants to let our readers know. The service is free and items run Tuesday through Saturday. Email City Editor Maureen Dolan at mdolan@cdapress.com.