Community 1st Bank Reports First Quarter Results (Ticker: CFBN.OB).ROSEVILLE, Calif. -- Community 1st Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CFBN) reported unaudited financial results for the first quarter of 2007. Total Assets at March 31, 2007 were $64.9 million, an increase of $42.7 million from the March 31, 2006 total assets of $22.2 million, an increase of 193%. Total Deposits increased from $5.3 million to $48.8 million in the same period, an increase of 821%. Total Loans increased from $.9 million at March 31, 2006 to $44.0 million at March 31, 2007, an increase of $43.1 million. The Bank posted an operating loss 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 $267,000 for the quarter, of which $90,000 represented the provision for loan losses. Losses were anticipated during the start-up phase. The Bank reported no delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. or past-due loans and is considered "well-capitalized" by regulatory standards. Mark A. Lund, President and Chief Executive Officer, stated, "We are proud of the progress we have made in such a short time. Growth remains robust as we continue to attract new clients, and add new business lines. We are excited about the future and look forward to reporting more progress." Community 1st Bank is headquartered in Roseville, California Roseville is a city in Placer County, California, located in the metropolitan area of Sacramento. As of January 1 2007 the population was 106,266. Interstate Highway 80 runs through Roseville and California Route 65 bisects the northern part of the city. and operates full service banking offices in both Roseville and 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. . 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. 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 on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, net interest margin variations, 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion