HENDERSONVILLE, N.C., May 10 /PRNewswire-FirstCall/ -- Mountain 1st Bank & Trust Company (BULLETIN BOARD: MOBT) reported that earnings for its first quarter of 2007 set a record for the Bank. For the quarter ended March 31, 2007, the Bank reported net income of $891 thousand as compared with $739 thousand during the same period in 2006. The increase in pre-provision, pre- tax income for the period was even more dramatic increasing 47% period over period, to $2.2 million with provision for loan losses totaling $663 thousand and income tax expense amounting to $620 thousand, resulting in net income of $891 thousand or $0.16 per diluted share. This compares with pre-provision, pre-tax income during the first quarter of 2006 of $1.5 million, provision for loan losses of $651 thousand and income tax expense of $88 thousand totaling $739 thousand in net income recorded for that period or $0.14 per diluted share.
At March 31, 2007, the Bank's assets had increased to $513.1 million, an increase of $36.6 million during the first three months of the year equating to an annualized growth rate of 30.7%. Loans and deposits continued to increase during the quarter and totaled $416.4 million and $456.0 million, respectively at March 31, 2007. This compares with $379.2 million and $424.5 million, respectively at December 31, 2006.
Greg Gibson, CEO stated, "The first quarter of 2007 was again a very favorable period for Mountain 1st with regard to both growth and profitability. In one of the most challenging interest rate and credit environments in decades, the Bank has been able to grow its asset base as well as its earnings. Challenges abound in our industry, from inverted yield curves to excessive regulatory burden to competitive pressures. However, our belief remains that by recruiting and building an exceptional team while continuing to instill a culture of exemplary service, Mountain 1st has an extraordinary opportunity to continue its established pattern of success. We continue to look forward to meeting these challenges and progressing toward our vision for building personal relationships with our customers as well as our communities as we grow and strengthen Mountain 1st."
This Press Release and its exhibits contain statements relating to our financial condition, results of operations, plans, strategies, trends, projections of results of specific activities or investments, expectations or beliefs about future events or results, and other statements that are not descriptions of historical facts. Those statements may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential" "opportunity," or "continue," or similar terms or the negative of these terms, or other statements concerning opinions or judgments of our management about future events. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in our Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission from time to time. Copies of those reports are available directly through the Commission's website at http://www.sec.gov/. Other factors that could influence the accuracy of those forward-looking statements include, but are not limited to: (a) the financial success or changing strategies of our customers; (b) customer acceptance of our services, products and fee structure; (c) changes in competitive pressures among depository and other financial institutions or in our ability to compete effectively against larger financial institutions in our banking market; (d) actions of government regulators, or changes in laws, regulations or accounting standards, that adversely affect our business; (e) our ability to manage our growth and to underwrite increasing volumes of loans; (f) the impact on our profits of increased staffing and expenses resulting from expansion; (g) changes in the interest rate environment and the level of market interest rates that reduce our net interest margin and/or the volumes and values of loans we make and securities we hold; (h) weather and similar conditions; (i) changes in general economic or business conditions and the real estate market in our banking market (particularly changes that affect our loan portfolio, the abilities of our borrowers to repay their loans, and the values of loan collateral); and (j) other developments or changes in our business that we do not expect. Although our management believes that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All forward-looking statements attributable to us are expressly qualified in their entirety by the cautionary statements in this paragraph. We have no obligation, and do not intend, to update these forward-looking statements.
Mountain 1st Bank & Trust Company, one of the most rapidly growing community banks in the Southeast, is a state-chartered, non-member community bank headquartered in Hendersonville, N.C.
For the For the
Three Months Three Months
Ended Ended
March 31, March 31,
2007 2006
(dollars in (dollars in Amount Percent
thousands thousands Increase/ Increase/
Selected Income Statement except per except per (Decrease) (Decrease)
Data and Ratios share data) share data)
(unaudited)
Net interest income $4,643 $3,307 $1,336 40.40 %
Provision for loan losses 663 651 12 1.84 %
Noninterest income 1,059 615 444 72.20 %
Noninterest expense 3,528 2,444 1,084 44.35 %
Income before income taxes 1,511 827 684 82.71 %
Income tax expense 620 88 532 604.55 %
Net income $891 $739 152 20.57 %
Net interest margin (1) 3.90% 4.02% -0.12% -2.99 %
Return on average assets (1) 0.72% 0.87% -0.15% -17.24 %
Return on average equity (1) 8.15% 7.30% 0.85% 11.64 %
Efficiency ratio 61.87% 62.32% -0.44% -0.71 %
Net charge-offs to average
total loans 0.02% - 0.02% n/a
Net income per share:
Basic (2) $0.18 $0.15 0.03 20.00 %
Diluted (2) $0.16 $0.14 0.02 14.29 %
Weighted average shares
outstanding:
Basic (2) 4,984,529 4,969,843 14,686 0.30 %
Diluted (2) 5,446,481 5,435,824 10,657 0.20 %
(1) Annualized
(2) All share and per share amounts have been adjusted
for all stock splits
As of As of
March 31, December 31,
2007 2006
(dollars in (dollars in
thousands thousands
except per except per
share data) share data)
Selected Balance Sheet Data
(unaudited)
Assets $513,051 $476,414 $36,637 7.69 %
Loans, including loans
held for sale 416,392 379,198 37,194 9.81 %
Allowance for loan losses 6,349 5,765 584 10.13 %
Deposits 456,025 424,482 31,543 7.43 %
Shareholders' equity 44,027 42,995 1,032 2.40 %
Book value per share 8.83 8.63 0.20 2.32 %
Share information for prior periods has been restated to reflect three 5
for 4 stock splits effective February 14, 2005, December 1, 2005 and
December 5, 2006, respectively.
