Community 1st Bank Reports Third Quarter Results.ROSEVILLE, Calif. -- Community 1st Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CFBN) reported unaudited financial results for the third quarter of 2007. Total assets at September 30, 2007 were $71.7 million, an increase of $29 million or 68% from September 30, 2006. Total deposits increased from $26.3 million at September 30, 2006 to $55.8 million at September 30, 2007, an increase of 112%. Total net loans increased from $22.8 million at September 30, 2006 to $57.6 million at September 30, 2007, an increase of 153%. 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 $149,000 for the third quarter of 2007, of which $68,000 represented the provision for loan losses. For the third quarter last year, the operating loss was $394,000 of which $165,000 represented the provision for loan losses. Losses are anticipated during the start-up phase. Asset quality remains strong, and the institution is "well-capitalized" by regulatory standards. Mark A. Lund, President and Chief Executive Officer, commented "We are very excited about the progress we have made. Loan and deposit growth remain robust, as we continue to reduce operating losses toward our goal of profitable operations. Despite the economic turbulence caused by the sub-prime mortgage meltdown meltdown Occurrence in which a huge amount of thermal energy and radiation is released as a result of an uncontrolled chain reaction in a nuclear power reactor. The chain reaction that occurs in the reactor's core must be carefully regulated by control rods, which absorb and related credit crunch Credit Crunch An economic condition whereby investment capital is difficult to obtain. Banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers. , we continue to grow and prosper. We have no sub-prime product in either our loan portfolio or investments. We have attracted many new clients from local bank merger activity, as local consumers and businesses seek us out for first-rate banking service. We continue to add new products, such as Remote Deposit Capture and cash management services, to enhance client service levels. Our progress demonstrates that our strategies are working well." 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 banks 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