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Movers and shakers

| February 1, 2018 12:00 AM

Community 1st Bank reports fourth quarter, 2017 earnings

Community 1st Bank 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 percent 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 percent increase.

Total assets at Dec. 31, 2017, were $123.5 million, an increase of $19.7 million or 19 percent from December 2016. This increase in assets was driven by a $9.8 million or 14.75 percent increase in loans, which totaled $76.2 million, up from $66.4 million as of Dec. 31, 2016.

The bank reports it continues to manage funding costs by growing deposits which were $109.7 million at Dec. 31, 2017, an increase of $18.2 million or 19.9 percent 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 Dec. 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,” said David Bobbitt, bank chairman and CEO, in a news release. “... 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.”

Community 1st has received its full service charter and will be opening its downtown loan production office to a full servive branch on March 1, Bobbitt said. “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.”

Community 1st Bank continues to mainain a five-star rating with Bauer Financial, an idendpendent bank rating agency.

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 percent from $66.4 million as of Dec. 31, 2017.

- Return on equity for the fourth quarter increased to 7.5 percent from 6.51 percent in the third quarter 2017.

- Allowance for loan losses was 1.36 percent of loans, up from 1.25 percent as of the end of the prior quarter.

- Capital ratios continue to exceed regulatory requirements, Tier 1 leverage ratio was 10.23 percent.

Community 1st Bank is a state chartered commercial bank with branches in Post Falls and Coeur d’Alene. For more information, visit www.com1stbankid.com or call 208-667-6060 Coeur d’Alene or 208-457-9610 Post Falls.

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