Community 1st Bank Clarifies 2006 Operating Results.ROSEVILLE Roseville. 1 City (1990 pop. 44,685), Placer co., N central Calif., a suburb of Sacramento in the foothills of the Sierras; inc. 1909. Marked by rapid growth in the late 20th cent. , Calif. -- Community 1st Bank recently reported an unaudited 2006 net loss of $2.00 million, a positive variance The discrepancy between what a party to a lawsuit alleges will be proved in pleadings and what the party actually proves at trial. In Zoning law, an official permit to use property in a manner that departs from the way in which other property in the same locality from budget for the start-up Start-up The earliest stage of a new business venture. bank. To clarify operating results, management reports that pre-opening expenses of $.54 million were included in the reported net loss, as well as operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $1.46 million since opening for business in February 2006. Pre-opening expense is a non-recurring expense category related to start-up costs that occurred in 2005 and January 2006. A provision to the loan loss reserve of $.45 million was also included in the operating result. The bank initially opened in Roseville, CA and subsequently opened a second branch in Auburn Auburn (ô`bərn). 1 City (1990 pop. 33,830), Lee co., E Ala.; inc. 1839. The city's economy centers around Auburn Univ.; there is some manufacturing. 2 City (1990 pop. 24,309), seat of Androscoggin co. in August. Loan growth has been ahead of plan, improving net interest margin and operating results. Deposit growth has been managed to grow with loan production, enhancing management's ability to control interest expense. Substantial progress is being made toward profitable operations. Total assets at December 31, 2006 were $53.0 million. Total loans finished the year at $35.9 million, and total deposits were $36.8 million. Community 1st Bank is headquartered in Roseville, and operates full service banking offices in both Roseville and Auburn. For more information about the Bank, contact Mark A. Lund, President and Chief Executive Officer at 916-724-2425. The website is www.community1bank.com. The stock symbol is CFBN.OB. For more information about the stock, contact your broker. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance of future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results are pre-fiscal year-end audit and may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes and financial policies of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. government and general economic conditions. The bank disclaims any obligation to update any such factors. |
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