MCCALL, Idaho, Nov. 11, 2019 (GLOBE NEWSWIRE) -- Today Idaho First Bank (the “Bank”) (IDFB) announced unaudited financial results for the third quarter of 2019.
The Bank’s net income was $761 thousand for the nine months ended September 30, 2019, compared with net income of $323 thousand for the same period in 2018. The improvement was due to an increase in net interest income. Net interest income before the provision for loan losses was $5.9 million for the nine months ended September 30, 2019, compared to $5.2 million for the same period in 2018. Mark Miller, Chairman of the Board, stated “We are meeting our targets for growth and profitability and the Board is pleased to see the performance of the Bank.”
Total average assets grew $22.8 million, or 12%, to $210.2 million for the nine months ended September 30, 2019, compared with $187.4 million for the same period in 2018. Average loans for the nine months ending September 30, 2019 increased $7.2 million, or 5%, to $159.4 million at September 30, 2019, compared with $152.2 million for the same period in 2018. Most of the loan increases were in the construction/land development, commercial and industrial, and commercial real estate categories.
Average deposits for the nine months ending September 30, 2019 increased $19.7 million, or 12%, to $185.4 million at September 30, 2019, compared to $165.7 for the same period in 2018. The largest deposit changes were increases to non-interest checking and interest bearing demand deposits of $10.0 and $5.2 million respectively.
The allowance for loan losses stood at $1,990,000, or 1.27% of loans at September 30, 2019. Troubled asset ratios improved to remarkable lows at September 30, 2019, with nonperforming loans to total loans measuring just 0.1%. Nonperforming assets were $158,000 as of September 30, 2019. The Bank has no other real estate owned. Kathleen Lewis, EVP and Chief Credit Officer, commented, “While we continuously evaluate the loan portfolio, we are quite pleased with this noteworthy achievement of reaching this ratio of nonperforming loans to total loans.”
Shareholders’ equity at September 30, 2019 was $21.4 million. Book value per share improved from $6.06 as of June 30, 2019 to $6.16 at September 30, 2019, as a result of the improvement in profitability and accretive stock issuances. “The Bank’s performance combined with additional capital continues to build the financial strength of the Bank and provides for continued strength to meet our growth and performance goals.” stated Greg Lovell, President and CEO.
The Bank also announced the addition to its executive officers by the addition of Shannon Stoeger as Senior Vice President and Chief Credit Administration Officer. Ms. Stoeger was recently the Chief Banking Officer for the Southern Region of Idaho Independent Bank. “I welcome Shannon into the executive suite of our Bank. Her business leadership will help continue our growth in assets and profitability. This is another step in building a long-term leadership group that will lead the Bank for the next decade.” said CEO Lovell.
About Idaho First Bank
Idaho First Bank is a full service state-chartered community bank established in October 2005 and headquartered in McCall, Idaho. The Bank serves the greater southwest Idaho communities with three additional branches located in New Meadows, Eagle and Boise. Idaho First Bank is a member of the FDIC and an Equal Housing Lender. For more information, visit us at www.idahofirstbank.com
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 forward-looking statements after the date of this release. This statement is included for the express purpose of invoking PSLRA’s safe harbor provisions.
President and CEO - Idaho First Bank