Mountain 1st Bank & Trust Company has posted a net income of $3.5 million or $0.71 per basic share and $0.66 per diluted share for the year ended December 31, 2007, an increase of $760 thousand or 27.3% as compared with $2.8 million or $0.56 per basic share and $0.51 per diluted share reported during the same period in 2006.
For the quarter ended December 31, 2007, the bank’s earnings increased $261 thousand or 50.5% to $778 thousand or $0.16 per basic share and $0.15 per diluted share as compared with $517 thousand or $0.10 per basic share and $0.09 per diluted share for the comparable period in 2006.
At December 31, 2007, the bank’s assets have increased to $606.5 million from $476.4 million at December 31, 2006, a rise of $130 million or 27.3%. Loans and deposits continued to increase totaling $521.9 million and $529.1 million, respectively at December 31, 2007, compared with $379.2 million and $424.5 million, respectively in a year ago, representing increases of $142.7 million or 37.6% and $104.6 million or 24.7%, respectively.
Greg Gibson, CEO of Mountain 1st Bank & Trust Company, said: With all the turmoil and bad news in the banking sector, we are extremely pleased to be able to report record earnings for Mountain 1st Bank. During 2007, the Bank continued to grow both assets and earnings at an accelerated rate while maintaining good asset quality.