Idaho First Bank Reports Quarterly Results

Marketwired

MCCALL, ID--(Marketwired - Apr 18, 2014) - Today Idaho First Bank (OTCQB: IDFB) reported financial results for the quarter ended March 31, 2014. The Bank reported net income of $197,000 for the first quarter, compared to net income of $106,000 in the same quarter in 2013. "We achieved our eleventh straight quarter of profitability," stated Mark Miller, Chairman of the Board. He further commented, "We are seeing the economic conditions of our primary market areas improve and believe we can continue our improvement in operating results." 

Net income was favorably impacted by tax benefits, a reduction in provision for loan losses and a 14% improvement in net interest income. Mortgage banking income was down 57% partially a result of a drop in home refinancing. The operating results were negatively impacted by one-time expenses relating to the opening of the Boise branch and other strategic initiatives. "We believe our mortgage operations will rebound as home purchases continue to show strength," commented President Greg Lovell. He further stated, "We are achieving improvements in the fundamentals of banking i.e., loan growth, reduced loan losses, and core deposit acquisition."

The 14% improvement in net interest margin was due to an 11% increase in average loans and an increase in net interest margin from 3.91% to 4.25%.

Nonperforming assets were $1.5 million at March 31, 2014, down slightly from December 31, 2013. The allowance for loan losses was 5% higher than a year ago. However, because of a 15% growth in period-end loans, the ratio of allowance to loans declined from 1.37% to 1.25%. 

Shareholders' equity at March 31 was at $9.7 million, an increase of $3.3 million from a year ago. Book value per share increased to 60 cents at March 31, 2014.

Idaho First Bank is a state-chartered commercial bank that opened for business in October 2005. Its headquarters are located in McCall, Idaho, with a branch and a mortgage banking office located in Boise. 

This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements. Idaho First Bank has no obligation to publicly update the forward-looking statements after the date of this release. This statement is included for the express purpose of invoking PSLRA's safe harbor provisions.

   
Idaho First Bank  
Financial Highlights (unaudited)  
(Dollars in thousands, except per share)  
                         
For the quarter ended March 31:   2014     2013     Change  
  Net interest income   $ 878     $ 771     $ 107     14 %
  Provision for loan losses     -       130       (130 )   -100 %
  Mortgage banking income     281       658       (377 )   -57 %
  Other noninterest income     72       77       (5 )   -6 %
  Noninterest expenses     1,299       1,270       29     2 %
    Net income (loss) before taxes     (68 )     106       (174 )   -164 %
  Tax provision (benefit)     (265 )             (265 )      
    Net income     197       106       91     86 %
                               
At March 31:   2014     2013     Change  
  Loans   $ 78,426     $ 68,195     $ 10,231     15 %
  Allowance for loan losses     983       934       49     5 %
  Assets     95,710       82,460       13,250     16 %
  Deposits     84,654       73,694       10,960     15 %
  Stockholders' equity     9,693       6,382       3,311     52 %
                               
  Nonaccrual loans     869       698       171     24 %
  Accruing loans more than 90 days past due     -       5       (5 )   -100 %
  Other real estate owned     585       633       (48 )   -8 %
                               
    Total nonperforming assets     1,454       1,336       118     9 %
                               
  Book value per share     0.60       0.57       0.03     5 %
  Shares outstanding     16,190,546       11,277,155       4,913,391     44 %
                               
  Allowance to loans     1.25 %     1.37 %              
  Allowance to nonperforming loans     113 %     133 %              
  Nonperforming loans to total loans     1.11 %     1.03 %              
                               
Averages for the quarter ended March 31:   2014     2013     Change  
  Loans   $ 75,194     $ 67,918     $ 7,276     11 %
  Earning assets     83,751       80,068       3,683     5 %
  Assets     92,670       83,181       9,489     11 %
  Deposits     81,478       75,540       5,938     8 %
  Stockholders' equity     9,570       5,274       4,296     81 %
                               
  Loans to deposits     92 %     90 %              
  Net interest margin     4.25 %     3.91 %              
                               
   
Idaho First Bank  
Quarterly Financial Highlights (unaudited)  
(Dollars in thousands)  
                               
Income Statement   Q1 2014     Q4 2013     Q3 2013     Q2 2013     Q1 2013  
  Net interest income   $ 878     $ 890     $ 870     $ 774     $ 771  
  Provision for loan losses     -       -       190       90       130  
  Mortgage banking income     281       484       769       622       658  
  Other noninterest income     72       72       71       74       77  
  Noninterest expenses     1,299       1,345       1,363       1,280       1,270  
    Net income (loss) before taxes     (68 )     101       157       100       106  
  Tax provision (benefit)     (265 )     (752 )     -       -       -  
    Net income     197       853       157       100       106  
                                         
Period End Information   Q1 2014     Q4 2013     Q3 2013     Q2 2013     Q1 2013  
  Loans   $ 78,426     $ 74,562     $ 72,669     $ 72,575     $ 68,195  
  Allowance for loan losses     983       1,134       1,167       996       934  
  Nonperforming loans     869       869       1,261       1,104       703  
  Other real estate owned     585       610       307       606       633  
  Quarterly net charge-offs     151       33       19       28       310  
                                         
  Allowance to loans     1.25 %     1.52 %     1.61 %     1.37 %     1.37 %
  Allowance to nonperforming loans     113 %     130 %     93 %     90 %     133 %
  Nonperforming loans to loans     1.11 %     1.17 %     1.74 %     1.52 %     1.03 %
                                         
Average Balance Information   Q1 2014     Q4 2013     Q3 2013     Q2 2013     Q1 2013  
  Loans   $ 75,194     $ 73,987     $ 72,037     $ 68,778     $ 67,918  
  Earning assets     83,751       82,639       82,186       77,775       80,068  
  Assets     92,670       89,544       88,666       84,070       83,181  
  Deposits     81,478       79,335       79,399       74,488       75,540  
  Stockholders' equity     9,570       8,095       6,939       6,636       5,274  
                                         
  Loans to deposits     92 %     93 %     91 %     92 %     90 %
  Net interest margin     4.25 %     4.27 %     4.20 %     3.99 %     3.91 %
                                         
Contact:

Greg Lovell
208.630.2001

Don Madsen
208.947.0430

Rates

View Comments (0)