MCCALL, ID--(Marketwired - Apr 18, 2014) - Today Idaho First Bank (
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||%|
|Net income (loss) before taxes||(68||)||106||(174||)||-164||%|
|Tax provision (benefit)||(265||)||(265||)|
|At March 31:||2014||2013||Change|
|Allowance for loan losses||983||934||49||5||%|
|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||%|
|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 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|
|Net income (loss) before taxes||(68||)||101||157||100||106|
|Tax provision (benefit)||(265||)||(752||)||-||-||-|
|Period End Information||Q1 2014||Q4 2013||Q3 2013||Q2 2013||Q1 2013|
|Allowance for loan losses||983||1,134||1,167||996||934|
|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 to deposits||92||%||93||%||91||%||92||%||90||%|
|Net interest margin||4.25||%||4.27||%||4.20||%||3.99||%||3.91||%|