Community 1st Bank reports record earnings for second quarter
Community 1st Bank reported net income of $277,116 or $0.23 per share for the second quarter of 2018 compared to $0.15 from the same period in the prior year, which is a 54.28 percent increase in net income.
Year-to-date earnings were $537,023 or $0.44 per share, an increase of $236,585 or 78.75 percent increase from the prior year earnings of $300,438 or $0.26 per share. Total assets at June 30, 2018 were $129.8 million, an increase of $14.1 million or 12.22 percent from June 30, 2017. This increase in assets was driven by a $6.7 million or 9.34 percent increase in loans, which totaled $78.3 million, up from $71.6 million as of June 30, 2017. The bank continues to manage funding costs by growing deposits which were $115.5 million at June 30, 2018 an increase of $12.7 million or 12.32 percent from the prior year.
“Second quarter 2018 was another record quarter for Community 1st Bank. It was fueled by continued organic growth in loans and deposits in the Post Falls and Coeur d’ Alene markets,” said Dave Bobbitt, chairman and CEO for the bank. “Loan quality remains pristine with no 30 day past dues, no non-performing assets, and no other real estate owned. Community 1st continues to be rated a five-star bank by Bauer Financial, an independent, nationally recognized, bank rating agency. Community 1st has had this rating for the past eight years. Our employees have embraced our founding principles of ‘Doing the Right Thing’ through volunteerism. Our employees’ community service contributions exceeded 1220 hours during the first and second quarters of 2018.”
Second Quarter Highlights:
• Loans grew to $78.3 million, an increase of 2.89 percent from $76.1 million as of March 31, 2018.
• Return on equity for the second quarter increased to 8.14 percent from 7.96 percent from the first quarter 2018.
• Allowance for loan losses was 1.44 percent of loans, with no non-performing loans or loans more than 30 days past due.
• Capital ratios continue to exceed regulatory requirements, Tier 1 leverage ratio was 10.52 percent.
Kirking joins HMH
HMH Engineering announced the addition of Scott Kirking as the survey party chief for its branch office in Coeur d’Alene.
Kirking has almost 20 years of diverse field and administrative survey experience, primarily in private and commercial development projects throughout the state of Idaho. He joined HMH to help in streamlining the survey department. Kirking has been honing his surveying skills since his early years on the shores of Coeur d’Alene Lake at North Idaho College, then moving into a field surveyor position in the engineering department at a well-established construction/development company in Post Falls.
HMH Engineering is a North Idaho-owned company providing engineering and consulting services in the fields of surveying, land and site development, material testing, GIS, municipal engineering, water and sewer, and transportation engineering.
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